HUB24 posts flat net inflows in September
HUB24 platform net inflows grew to $2,985 million at the end of the September quarter from $2,454 million at the end of June and were down 1.6% compared to the same time period a year ago.
The average monthly net inflows for FY23 to date were 1.7% up from FY22 and stood at $995 million.
At the same time, total funds under administration (FUA) grew by 8.3% to $68,354 billion year on year, comprising platform FUA of $52.4 billion (up 15% on pcp) and portfolio, administration and reporting services (PARS) FUA of $16 billion (down 9.9% on pcp due to market movement).
“During the September quarter there has been an improvement in net inflows following a slightly softer Q4 FY22 across the market,” the company said in the announcement to the Australian Securities Exchange (ASX).
HUB24 signed 32 new distribution agreements and the total number of advisers using the platform went up by 13% on pcp to 3,639.
“HUB24’s relationships across all customer segments including large national licensees, brokers, boutique advice practices and self-licensed advisers have resulted in strong quarterly net inflows and a solid pipeline of opportunities,” the firm said.
Although PARS FUA grew from $15.9 billion as at the end of June quarter to $16 billion in September, the number of PARS accounts decreased from 8,341 to 7,984.
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