HUB24 reports record March quarter inflows

Publicly-listed platform company, HUB24 has recorded a record March quarter with net inflows up 47% on the prior corresponding period to $2.7 billion.

The strong HUB24 inflows have been reported in the face of intensifying competition in the platforms market as Colonial First State (CFS) and BT Panorama shift gears with new features.

In an updated provided to the Australian Securities Exchange (ASX) HUB24 said it delivered strong growth over the quarter with platform funds under administration (FUA) of $79.7 billion as at 31 March, up 10% over the quarter.

It said that during the quarter, 42 new distribution agreements were signed and the total number of advisers using the HUB24 platform increased to 4,382 – up 17% on the prior corresponding period.

The ASX update also encompassed the Equity Trustees migration with HUB24 noting that the $4 billion in funds under administration was progressing to plan with $0.8 billion migrated during the quarter and $1.7 billion to $3 billion of additional FUA expected to migrate in the fourth quarter with the balance in the first half of next financial year.

The update attributed the inflows to strong equity markets.

The company also reinforced its confidence that it would meet its FY25 platform and FUA target of $92 – $100 billion.