HUB24 posts dip in net inflows

18 January 2023
| By Charbel Kadib |
image
image
expand image

HUB24 has published its results for the first half of the 2023 financial year (1H23), reporting net inflows of $5.8 billion, down 13.6% on 1H22.

The result was mostly driven by comparative weakness over the second quarter, with inflows down 23.6% on 2Q22.

However, average monthly net inflows for FY23 were relatively stable at approximately $960 million.

Despite subdued net inflows, HUB24’s total funds under administration (FUA) grew to $73 billion as at 31 December, 2022, supported by a 11.7% increase in platform FUA to $55.8 billion. 

Total FUA growth was partially offset by a 6.3% fall in portfolio, administration, and reporting services (PARS) FUA, which closed 1H23 at $17.2 billion.

HUB24 welcomed the result amid challenging market conditions.

“HUB24’s market leadership position and focus on delivering innovative solutions continues to resonate with our clients, with growth from net inflows and a solid pipeline of opportunities across all customer segments including large national licensees, brokers, boutique advice practices and self-licensed advisers,” the company told shareholders.

The firm pointed to 26 new distribution agreements signed in 2Q23 and an 8.5% increase in the total number of advisers using the platform (3,692).

HUB24 also noted growth in its market share, which increased to 5.7% as at 30 September, 2022, up from 4.6% in the previous corresponding period.

“HUB24 continues to have the fastest growth rate as a percentage of FUA based on annual net inflows,” the company stated. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 3 weeks ago

The fund’s inaugural chief retirement officer is looking to establish a new venture. ...

2 hours ago

The sovereign wealth fund remains cautious of the impact of high inflation as it announces a strong return in its latest update....

20 hours ago

In this latest edition, Anna Shelley, CIO at AMP, shares the fund’s approach to current market conditions and where it continues to uncover key opportunities....

21 hours ago