HUB24 inflows down amid economic uncertainty

Mike Taylor

Managing Editor and Publisher

19 July 2023

Publicly-listed investment platform provider, HUB24 has reported a 14% decline in net inflows for the June quarter, notwithstanding an 5.5% increase in funds under administration (FUA).

In a quarterly update released to the Australian Securities Exchange (ASX), HUB24 said the 14.7% decrease in net inflows compared to the prior corresponding period needed to be seen in the context of economic uncertainty impacting investor sentiment.

“This is resulting in softer flows across the market, particularly into IDPS, and increased used of off-platform term deposits,” it said.

However, it said that superannuation flows continued to be strong, being less impacted by the economic cycle.

The ASX update said total FUA stood at $80.3 billion as at 30 June, comprising platform FUA of $62.7 billion (up 26.2%) and Portfolio, Administration and Reporting Services (PARS) FUA of $17.6 billion up 11.1%.

The commentary said that the platform’s pipeline remained strong across all customer segments with the total number of advisers using the platform increasing to 4011 during the quarter.