Hub24 shares rocket on Q2 inflows growth
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More news: Hub24 shares surged in early trading on the ASX after the investment platform reported funds under administration growth in the second quarter of FY25, driven by total platform net inflows of $5.5 billion.
Hub24 shares were up 13.2% to $73.82 by 10:40am AEDT, having nearly doubled in value over the last 12 months.
Hub24 reports Q2 net inflows of $5.5 billion
The news: Investment platform Hub24 reported a boost to funds under administration (FUA) in the second quarter of FY25, driven by platform net inflows of $5.5 billion.
The numbers: Total FUA grew 33% year on year to $120.9 billion. This included platform FUA of $98.9 billion, which rose 36% year-on-year. Portfolio, administration and reporting services FUA was up 17% year-on-year to $22 billion.
The context: FUA growth was driven by platform net inflows of $5.5 billion during the quarter, up 23% compared to the prior corresponding period, as well as positive market movements of $1.8 billion. This excluded large migrations.
Hub24 said that it signed 40 new distribution agreements during the quarter, and the total number of advisers using the platform increased by 166 to 4,886. The platform's market share increased to 7.9%, up from 6.6% at 30 September 2023, and ranked in seventh place overall.
Hub24 noted that it continues to expect a total of $5 billion of FUA from EQT migrations by the end of FY25.
The company said it remains confident in meeting its FY26 platform FUA target of $115 billion to $123 billion.
The source: ASX announcement
