HUB24 shares lift after record quarterly inflows
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More news: Shares in HUB24 were up more than 2% at $47.53 after the investment platform reported record net inflows of $5 billion in the June quarter.
The strong inflows led the platform to end the financial year with higher total funds under administration (FUA) at $104.7 billion.
HUB24 sees record inflows in June quarter
The news: HUB24 has reported record net inflows during the June quarter, helping the investment platform end the year with total funds under administration (FUA) of $104.7 billion.
The numbers: The platform recorded net inflows of $5 billion in the three months to June 2024, up 138% from a year ago, which included $1.8 billion from the Equity Trustees migration program.
Its FUA reached $104.7 billion, up 30% year on year, comprising of platform FUA of $84.4 billion (up 35%) and portfolio, administration and reporting services FUA of $20.3 billion (up 15%).
The context: The strong June quarter rounds out a record year of net inflows for FY24 of $15.8 billion, reflecting HUB24’s continued market leadership, strong customer relationships and proven ability to successfully deliver large, complex migrations, the company said.
During the quarter, 29 new distribution agreements were signed and the total number of advisers using the platform increased 13% to 4,525.
HUB24 said the EQT migration was progressing to plan, but expected the scope of migrations to increase to approximately $5 billion versus the $4 billion previously expected. The remainder is scheduled to migrate during the first half of FY25.
The source: ASX announcement
