EQT helps deliver HUB24 record inflows

HUB24’s agreement with Equity Trustees (EQT) to provide custodial, platform administration and technology solutions has paid significant dividends contributing to record quarterly net inflows up 138% to $5 billion.

The platform provider also told the Australian Securities Exchange that it had recorded record annual platform net inflows for FY24 of $15.8 billion, up 62% over the prior corresponding period.

The ASX announcement noted the large migrations of $1.8 billion generated by the EQT arrangement.

However, it also noted that excluding large migration, its fourth quarter net inflows were up 50% over the prior corresponding period to $3.2 billion notwithstanding negative market movement of $0.3 billion.

HUB24’s announcement said the EQT migration was progressing to plan with $1.8 billion migrated during the quarter and $2.6 billion in total to date.

“The scope of EQT migrations has increased and HUB24 expects total migrations of approximately $5 billion (previously approximately $4 billion), with the remainder scheduled to migrate in 1HFY25,” the ASX announcement said.

HUB24 also pointed to a 13% increase in the number of financial advisers using the platform over the past 12 months, up from 4,011 to 4,525.