HUB24 hits $100b in funds under administration
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The news: HUB24 has posted record net inflows and its total funds under administration (FUA) has reached $100 billion.
The numbers: During the third quarter of FY24, the investment platform had $3.5 billion of net inflows, up 90% year on year, including $0.8 billion from the Equity Trustees migration program.
Excluding the migration, net inflows were $2.7 billion, up 47%, due to positive market movements. The Equity Trustees migration totals $4 billion, with an additional $1.7 billion to $3 billion of FUA expected to migrate during the fourth quarter and the balanced in 1HFY25.
Its FUA reached $100 billion, up 30% year on year, comprising platform FUA of $79.7 billion (up 34%) and portfolio, administration and reporting services FUA of $20.3 billion (up 16%).
During the quarter, 42 new distribution agreements were signed and the total number of advisers using the platform increased 17% to 4,382.
HUB24's share price last traded at $40.65 and over the last 12 months gained 48%.
The context: HUB24 record inflows were supported by positive market movements and strong trading activity during the quarter which would benefit the company’s revenue. HUB24 said it was confident in meeting its FY25 platform FUA of $92 billion to $100 billion.
The source: ASX announcement
