HUB24 inflows up $3.6b in Dec quarter
HUB24 has posted net inflows of $6.7 billion for the first half of FY22 and its total funds under administration (FUA) has grown to $68.3 billion.
In an announcement to the Australian Securities Exchange (ASX), the platform provider said its December quarter net inflows of $3.6 billion, included $349 million transitioned from externally administered legacy IOOF private labels to Rhythm Super, IOOF’s private label administered by HUB24.
Its platform FUA of $50 billion as at 31 December, 2021, was up 128% on the prior corresponding period (pcp).
It also said its average monthly net inflows for FY22 to date of $1.1 billion were up 68% from $627 million for FY21.
HUB24’s portfolio, administration and reporting services (PARS) FUA was at $18.3 billion, up from $17.8 billion from the September quarter. This was up 97% on pcp.
The platform also announced it had made further enhancements to support advisers with advice fee opt-in requirements to enable existing advised clients and new clients to opt-in to their advice fees online, along with tracking and reporting of client consent. Its record of advice (RoA) generator was also enhanced to generate multiple client ROAs following portfolio changes and placing trades on the platform.
HUB24 also noted that its proposed Class acquisition would be voted on 31 January, 2022.
“Once completed, this transaction is expected to accelerate HUB24’s platform of the future strategy, consolidating the group’s position as a leading provider of integrated platforms, technology and data solutions for financial advisers, accountants, private banks, licensees, stockbrokers and their clients, and enhance the group’s purpose of empowering better financial futures together,” HUB24 said.
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.
