HUB24 FUA up by a third

The platform provider saw its funds under administration (FUA) increase by $2.1 billion during the quarter, including a market movement of $1 billion.

The June quarter was something of a rebound after a quieter April as financial advisors adapted to the COVID-19 environment.

Net inflows for the June quarter stood at $1.1 billion, 11 per cent higher than the previous corresponding period.

Inflows were driven by client transitions from legacy platforms, including inflows of large accounts and broker clients.

HUB24 signed 34 new licensing agreements during the quarter, with 110 new advisors using its platform.

More than 2,000 (2,066) advisors are now using the platform, compared to 1,625 the previous year.

It has also added 20 new managed portfolios to its platform menu, including ClearView Wealth Portfolios, Australian Equity Portfolios and Diversified ETF Portfolios.

The company announced that its platform market share increased to 1.94 percent from 1.3 percent in March 2019.

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