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HUB24 delivers record first quarter

Investment portfolio solutions provider HUB24 saw its shares jump almost 9% on Thursday after it achieved another strong quarter of growth with the platform delivering record net inflows of $3 billion.

The result was a record for both a September quarter as well as overall, furthermore, average monthly net inflows for FY22 to date of $1 billion are up 61% from $627 million for FY21. The record quarter comes on the back of a record FY21 net inflow result.

HUB24 noted in its update that its new business pipeline continues to grow with 30 new licensee agreements signed during Q1 FY22, including new agreements with self-licensed advisers, boutiques and an advice aggregator. Inflows have also commenced to its IOOF private label which was launched last quarter.

In the latest available Strategic Insights data, HUB24 has achieved first place for share of net inflows for the June 2021 quarter up from second place the previous quarter and continues to maintain second place for annual net inflows. HUB24’s market share has increased to 4.3% from 2.1% as at June 2020, and is now ranked 7th place up from 9th place.

Throughout the quarter, HUB24 said it has been supporting licensees and advisers to meet new regulatory requirements and throughout the recent COVID-19 related lockdowns the business has continued to operate seamlessly and remains focused on delivering record levels of growth.

The company’s Xplore integration is progressing well with the initial phases now complete.

In the FY21 results update released in August, the company outlined investment to support growth and capitalise on market opportunities, including expanding the executive team, hiring additional distribution team members and additional investment in technology resources.

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