HUB24 reports Record Net Inflows and Growth in FUA

Record Q1 Net Inflows of $1,238m – up 94% on pcp

HUB24 is experiencing strong growth posting a record September quarter with Net Inflows of $1,238 million. This is a solid start to FY20 with average monthly inflows of $413 million already ahead of the FY19 average of $324 million per month which included a significant client transition.

According to the latest available Strategic Insights data² to 30 June 2019, HUB24 is in 2nd place for quarterly Net Inflows and also maintained 2nd place for annual Net Inflows across the Australian platform market. HUB24 increased platform market share during the June quarter from 1.3% to 1.5%.

Growth in FUA is a result of inflows from a combination of existing and new adviser relationships, whilst structural change across the industry is continuing to provide opportunities for assisted transitions of FUA from competitor platforms.

September Quarter FY20 Highlights were:

• Funds Under Administration (FUA) of $14.4 billion at 30 September 2019 (up 57% on pcp)
• Quarter Net Inflows¹ of $1,238 million (up 94% on pcp), with Gross Inflows of $1,673 million
• The HUB24 platform continues to grow at the fastest rate in the industry and is ranked 2nd place for both quarterly and annual net inflows in the latest available Strategic Insights data²
• Benefitting from the trend of advisers moving away from institutions, Paragem has now completed onboarding of 11 new practices
• Recruitment has commenced to expand our distribution team and establish an additional managed portfolio technology team to execute on HUB24’s strategy.

Commenting on the results Managing Director Andrew Alcock said “We are pleased with the great start to FY20, with Net Inflows of $1.2 billion almost double the level of the first quarter of FY19. We’re continuing to grow our pipeline by securing new relationships and remain focussed on continuing to invest to further consolidate our industry leading position.”

To read the full ASX Release, click here. 

1 Net Inflows represent gross inflows less outflows and do not include market movement.
2 Source: Based on Strategic Insights. Analysis of Wrap, Platform and Master Trust Managed Funds at June 2019. HUB24 is the fastest growing platform provider relative to its size in percentage terms on an annual basis, 2nd highest in terms of annual Net Inflows and 2nd in terms of quarterly Net Inflows.