HUB24 told shareholders that it has achieved another strong quarter of growth, delivering record platform net inflows of $3.6 billion, bringing the company’s total inflows for the first half of FY22 to $6.7 billion
As a result, HUB24’s total Funds Under Administration at 31 December 2021 has grown to $68.3 billion, with Platform FUA of $50 billion as at 31 December 2021, up 128% on pcp, while Portfolio, Administration and Reporting Services (PARS) FUA of $18.3 billion were up 97% on pcp.
Average monthly net inflows for FY22 to date of $1.1 billion are up 68% from $627 million for FY21.
For the quarter, 28 new distribution agreements were signed, including new agreements with self-licensed advisers and practices that are part of advice aggregators.
In the latest available Strategic Insights data, HUB24 achieved second place for both annual and quarterly net inflows and HUB24’s market share has increased to 4.6% as at September 2021, and is ranked in 7th place.
HUB24 also said it continues to focus on delivering product solutions which support advisers to meet their regulatory obligations, as well as deliver efficiencies for their businesses. This quarter HUB24 released a further enhancement to support advisers with advice fee opt-in requirements which now enables existing advised clients as well as new clients to opt-in to their advice fees online and also provides tracking and reporting of client consent.
In December, the business also launched the new HUB24.com.au website providing an enhanced user experience, dedicated information pages for customer audiences, access to product information, professional development, insights and the new Managed Portfolio Academy.