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In the March quarter, HUB24’s platform net inflows rose by 36%.
The YTD net inflows, as of 31 March 2022, stood at AU$9.3 billion.
Total funds under administration (FUA) stood at AU$68.3 billion.
HUB24 Ltd (ASX:HUB) posted robust growth in another quarter despite challenges posed by volatile stock markets, COVID-19, and seasonal holiday period. In the March quarter, the company received platform net inflows of AU$2.6 billion, up 36.4% on the corresponding period of last year, HUB24 said in its latest update released on Tuesday.
The year-to-date (YTD) net inflows, as of 31 March 2022, stood at AU$9.3 billion. In addition, the average monthly net inflows for FY22 (to date) were AU$1 billion, up 65% from the AU$600 million in FY21 (excluding large transitions).
HUB24 is a financial sector company that offers superannuation and investment platform services.
The company’s total funds under administration (FUA) stood at AU$68.3 billion, comprising platform FUA of AU$51 billion, up 43.3% on the prior corresponding period (pcp), and portfolio, administration, and reporting services FUA of AU$17.3 billion, up 9.7% on the pcp.
“HUB24’s value proposition continues to resonate with growth in net inflows and a strong pipeline of new opportunities across all customer segments including large licensee clients, brokers, boutique advice practices and self-licensed advisers,” HUB24 said.
Last year, HUB24 announced the acquisition of Class.
Class is a self-managed superannuation fund administration software provider with a 29% share of the self-managed super fund (SMSF) admin software market. HUB24 said that Class had performed in line with its expectations since the acquisition reached completion in February 2022.
Additionally, the company had also reported strong earnings in the first half financial results released in February 2022.
HUB24 share price snapshot
The HUB24 share price has traded on a weak note in 2022 so far. The stock is down over 12% on a YTD basis. In the past month, the stock is again down over 12%. Meanwhile, the ASX 200 Index (ASX:XJO) has fallen 0.4% on a YTD basis.
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