HUB24 has published its results for the first half of the 2023 financial year (1H23), reporting net inflows of $5.8 billion, down 13.6% on 1H22.
The result was mostly driven by comparative weakness over the second quarter, with inflows down 23.6% on 2Q22.
However, average monthly net inflows for FY23 were relatively stable at approximately $960 million.
Despite subdued net inflows, HUB24’s total funds under administration (FUA) grew to $73 billion as at 31 December, 2022, supported by a 11.7% increase in platform FUA to $55.8 billion.
Total FUA growth was partially offset by a 6.3% fall in portfolio, administration, and reporting services (PARS) FUA, which closed 1H23 at $17.2 billion.
HUB24 welcomed the result amid challenging market conditions.
“HUB24’s market leadership position and focus on delivering innovative solutions continues to resonate with our clients, with growth from net inflows and a solid pipeline of opportunities across all customer segments including large national licensees, brokers, boutique advice practices and self-licensed advisers,” the company told shareholders.
The firm pointed to 26 new distribution agreements signed in 2Q23 and an 8.5% increase in the total number of advisers using the platform (3,692).
HUB24 also noted growth in its market share, which increased to 5.7% as at 30 September, 2022, up from 4.6% in the previous corresponding period.
“HUB24 continues to have the fastest growth rate as a percentage of FUA based on annual net inflows,” the company stated.