ClearView migration helps drive HUB24 record inflows

Platform HUB24 has recorded a strong third quarter with net inflows up 33% over the prior corresponding period to $3.6 billion.

In an update filed with the Australian Securities Exchange, HUB24 said platform funds under administration (FUA) increased 4% over the quarter to $102.5 billion driven by quarterly net inflows of $4.9 billion which were offset by negative market movements of $1.3 billion.

Its update said that including a $1.3 billion large migration from ClearView WealthFoundations to HUB24 Super during the quarter net inflows were $3.6 billion making it a record third quarter.

The ASX update said that during the quarter, 28 new distribution agreements were signed and the total number of advisers using the platform increased by 129 to 5,015 with approximately half of the increase in advisers during the quarter resulting from the ClearView migration.

The ASX update noted market volatility but said the business is resilient and operating in structurally growing markets “where there is strong demand for financial advice underpinned by demographic shifts and a government mandated superannuation system”.

Looking at its self-managed superannuation funds business, the company said the number of accounts across Class Super, Class Portfolio and Class Trust products as at 31 March was up 4% to 213,265, increasing by 2,851 during the quarter representing the largest quarterly increase in over six years.