HUB24 emphasises 3rd party MA upgrades

HUB24 has used its latest update to the Australian Securities Exchange to promote its continuing focus on the managed accounts space noting upgrades to its third-party capabilities.
Delivering its third quarter update, the company reported platform net inflows of $4 billion, up 9% over the prior corresponding period excluding large migrations with total funds under administration up 22% reaching $151.7 billion as at 31 March.
It said this was comprised of platform FUA of $127.8 billion and Portfolio Administration and Reporting Services of $23.9 billion.
In its broader business commentary, the company said its high-net-worth offering had been enhanced during the quarter through an upgrade to its third-party managed fund clearing capability, providing the opportunity to access a broader range of investment options going forward.
“Additionally, our leading managed portfolio offer was enhanced through the ability to integrate with third-party rebalancing capabilities, enabling advisers to deliver more tailored solutions and potentially improve client outcomes,” the HUB24 update said.
The company also confirmed that, following its initial announcement in January, it has now exercise the call option to acquire the trustee of the HUB24 Super Fund, HTFS Nominees from EQT Holdings.
It said the consideration to be paid to EQT for the acquisition is nominal and noted that the acquisition is subject to approvals from the Australian Prudential Regulation Authority (APRA).









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A Financial Advisers Professional Standards board should be established to assess education for all and start the self regulation process…
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A free pass? The only stakeholder getting a free pass has been the responsible entities behind the failed investments (see…