HUB24’s FUA amounts to $77bn

Oksana Patron

19 April 2023

HUB24 has reported a growth in its total funds under advice (FUA) by $3.9 billionto $76.9 billion during the March quarter.

This comprised platform FUA of $59.4 billion (up 16.5% on pcp) and portfolio, administration and reporting services (PARS) FUA of $17.5 billion (up 1% on pcp).

During the quarter, the firm’s PARS accounts also increased to 8,066 and PARS FUA went up compared to $17.2 billion at the end of 31 December, 2022.

At the same time, platform FUA increased by 6.5% for the quarter with platform net inflows of $1.9 billion (which was down 28.6% on pcp) and positive market movement of $1.7 billion.

In the announcement made to the Australian Securities Exchange (ASX), the firm said its platform FUA stood at $59.4 billion at the end of the quarter, which included positive market movements of $1.7 billion for the quarter.

HUB24 said it remained committed to investments aimed at enhancing a platform offer and during Q3 it added a new tax optimisation alert functionality, which according to the company enabled advisers to make decisions in line with their clients’ tax preferences when performing switches on managed portfolios.

The firm also enhanced its HUB24 Present feature to allow advisers to incorporate a client’s off-platform assets into portfolio dashboards and client reports.