HUB24 FUA up by a third

The platform provider saw its funds under administration (FUA) increase by $2.1 billion during the quarter, including market movement of $1 billion.

 

The June quarter was somewhat of a rebound following a softer month in April as financial advisers adjusted to the COVID-19 environment.

Net inflows for the June quarter were $1.1 billion, 11 per cent higher than the prior corresponding period.

The inflows were driven by client transitions from incumbent platforms, including influxes from key accounts and broker clients.

HUB24 had signed 34 new licensee agreements during the quarter, with 110 new advisers using its platform.

More than 2,000 (2,066) advisers are now using the platform, up from 1,625 the year before.

It had also added 20 new managed portfolios to its platform menu, including the ClearView Wealth portfolios, Australian share portfolios and diversified ETF portfolios.

The company reported its platform market share increased to 1.94 per cent, from its previous 1.3 per cent in March 2019.

Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.

You can contact her on This email address is being protected from spambots. You need JavaScript enabled to view it..

 

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