What drove HUB24 (ASX:HUB) shares higher on ASX today

2 min read | October 18, 2022 04:35 PM AEDT | By Ritwika

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Highlights:

HUB24 released its Q1 FY23 results today.

HUB24’s shares closed over 14% higher on ASX today.

Diversified financial company HUB24 Limited’s (ASX:HUB) shares closed 14.175% higher on ASX at AU$25.210 apiece on ASX today (18 October 2022). HUB released its Q1 FY23 results on ASX earlier today, in which it stated that it has seen “another strong quarter of growth.”

HUB24’s Q1 FY23 results

In its Q1 FY23 report, HUB24 has reported a net inflow of AU$3 billion in the given period, down 1.6% compared to its previous corresponding period. HUB24’s average monthly net inflow in FY23 to date is AU$995 million, up 1.7% from the previous financial year.

The company said that there had been an improvement in the company’s net inflow, followed by a slightly softer Q4 FY22 across the market.

HUB24 said that its relationship with the customer segment comprising of large national licensees, brokers, boutique advice practices and self-licensed advisers had driven strong quarterly net inflows and a solid pipeline of opportunities.

Furthermore, the company has signed 32 new distribution agreements in the given period. The total number of advisers using HUB’s platform is 3,639 as of 30 September 2022, up 13% on the previous corresponding period.

HUB24 reported total Funds Under Administration worth AU$68.4 billion in Q1FY23 (ended on 30 September 2022), including a platform FUA of AU$52.4 billion in the given period.

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