HUB24 posts dip in net inflows
HUB24 has published its results for the first half of the 2023 financial year (1H23), reporting net inflows of $5.8 billion, down 13.6% on 1H22.
The result was mostly driven by comparative weakness over the second quarter, with inflows down 23.6% on 2Q22.
However, average monthly net inflows for FY23 were relatively stable at approximately $960 million.
Despite subdued net inflows, HUB24’s total funds under administration (FUA) grew to $73 billion as at 31 December, 2022, supported by a 11.7% increase in platform FUA to $55.8 billion.
Total FUA growth was partially offset by a 6.3% fall in portfolio, administration, and reporting services (PARS) FUA, which closed 1H23 at $17.2 billion.
HUB24 welcomed the result amid challenging market conditions.
“HUB24’s market leadership position and focus on delivering innovative solutions continues to resonate with our clients, with growth from net inflows and a solid pipeline of opportunities across all customer segments including large national licensees, brokers, boutique advice practices and self-licensed advisers,” the company told shareholders.
The firm pointed to 26 new distribution agreements signed in 2Q23 and an 8.5% increase in the total number of advisers using the platform (3,692).
HUB24 also noted growth in its market share, which increased to 5.7% as at 30 September, 2022, up from 4.6% in the previous corresponding period.
“HUB24 continues to have the fastest growth rate as a percentage of FUA based on annual net inflows,” the company stated.
AUTHOR
Charbel Kadib
Recommended for you
Selfwealth has provided an update on the status of its scheme implementation deed with Bell Financial Group as well as whether rival bidder Svava remains in the picture.
Magellan Financial Group has reported its first half FY25 results while appointing a new chief financial officer and promoting Sophia Rahmani to chief executive.
Schroders Australia has launched two active ETFs and plans to further expand its listed range over the year ahead.
Platform Netwealth has reported its financial results for the first half of FY25, reporting an 80 per cent increase in net flows, with its CEO viewing a “huge opportunity” from private assets.
