HUB24 (ASX:HUB) booms & hits record inflows

Wealth platform HUB24 (ASX:HUB) hit record quarterly net inflows of $3.0 billion for the September quarter, while funds under administration (FUA) surged 139 per cent to $63.2 billion as of the end of September.

The company saw a 3.0 per cent rise in FUA to $17.8 billion in the Portfolio, Administration and Reporting Services which they bought last year. During the first quarter of the financial year 2022, the wealth platform provider inked 30 new licensee agreements. These new deals were with self-licensed advisers, boutiques, and an advice aggregator.

HUB24 noted that inflows from IOOF private label had commenced after it was launched last quarter.

The company’s market share rose to 4.3 per cent from 2.1 per cent as at June last year and is now ranked seventh place, up from ninth place.

The firm said that the Xplore integration has moved along with the initial phases completed.

Shares in HUB24 (ASX:HUB) are trading 9.1 per cent higher at $31.38.