HUB24 grows with inflows and acquisitions
HUB24 has soared in recent months as the investment platform provider most recently announced that it delivered record inflows and delivered several strategic transactions to boost the fast-growing business.
HUB24 consists of an award-winning platform that offers advisers and their clients a comprehensive range of investment options, including managed portfolio solutions, and enhanced transaction and reporting functionality. HUB has become one of the fastest-growing platforms in the market, thanks to its flexibility and innovative solutions that aim to create value for advisers and their clients.
Net Inflows and Funds Under Administration
In its most recent quarter, HUB24 achieved record quarterly net inflows of $1.9 billion, and momentum has continued throughout FY21 with strong improvements across all client segments as a result of favourable market conditions. HUB24 has also completed three strategic transactions this year and is now progressing integration, development of new product solutions and expansion of services to existing customers.
Platform FUA, including $11.2 billion as a result of it most recent Xplore acquisition, has reached over $35 billion, an increase of over 60% in the last quarter alone.
HUB24’s new business pipeline continues to grow with 28 new licensee agreements signed this year, with large boutique licensees, self-licensed practices and a new distribution agreement with an existing Xplore client where additional HUB24 products will be offered alongside the current Xplore solutions.
HUB24 also completed a proportional takeover offer of Easton Investments giving it a 31.5% ownership share. As part of a Technology Partnership and Distribution Agreement with Easton, HUBconnect Insight, which includes compliance monitoring functionality, will be rolled out to Easton by the end of FY21.
Finally, the acquisition of Ord Minnett’s Portfolio, Administration and Reporting Services which was completed at the end of November 2020, has facilitated HUB24’s entry into the growing non-custodial administration segment.