HUB24 brings inflows of $2.4b for FY18
HUB24 has recorded net inflows for FY18 of $2.4b, up 24.1 per cent on the previous corresponding period, with funds under management at $8.3b as of June, up 51.2 per cent on the same month last year.
The quarterly report released on the Australian Stock Exchange (ASX) provided that average monthly net inflows for FY18 were $202m, compared to $161m for FY17.
As well, the platform provider ranked first in terms of adviser primary platform advocacy and third for overall adviser satisfaction in the Investment Trends May 2018 Planner Technology Report.
In regards to market share, HUB24 also placed fourth with 12.3 per cent of annual net inflows across the industry at 31 March, a figure that rose to 23.7 per cent for the March quarter, reflecting the ongoing shift in wealth management towards innovative platform solutions, and away from large institutional platforms.
The release anticipated the big four banks’ plans to exit wealth management and the cessation of grandfathered commission for their internal adviser channels would further accelerate the transition of funds under administration away from traditional platforms.
“Market conditions are favourable for HUB24’s ongoing growth and we will continue to invest in distribution, operational and technology capabilities to take advantage of this structural change and the unique opportunity that it presents,” they said.
AUTHOR
Anastasia Santoreneos
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
