Record inflows for HUB24
Platform HUB24 has achieved record quarterly net inflows of $3 billion for the September quarter, while total funds under administration (FUA) grew to $63.2 billion, as of 30 September, 2021.
In its quarterly update to the Australian Securities Exchange (ASX), platform FUA was $45.4 billion which was up 139% over the previous corresponding period, as well as $17.8 billion in the Portfolio, Administration and Reporting Services (PARS) which it acquired at the end of last year.
The firm said its new business pipeline continued to grow with 30 new licensee agreements signed during 1Q22, which included new agreements with self-licensed advisers, boutiques and an advice aggregator.
Inflows had commenced to the IOOF private label which was launched last quarter.
HUB24’s market share increased to 4.3% from 2.1% as at June 2020 and was now ranked seventh place up from ninth place.
The firm said the Xplore integration was progressing with initial phases now completed.
“The team are now engaging with key licensees and advisers on the integration strategy, ensuring their businesses and clients are supported through the process and sentiment continues to be positive,” the firm said.
“Throughout the quarter, the team have been supporting licensees and advisers to meet new regulatory requirements for advice-fee opt-in and the new design and distribution obligations, including the rollout of product enhancements and education.
“HUB24's approach to supporting advisers with advice fee opt-ins is to offer choice and flexibility to enable advisers to implement an efficient solution that meets the needs of their business and their clients.”
AUTHOR
Chris Dastoor
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