Q2 FY25 Key Highlights
- Record Platform Net Inflows: $5.5 billion (up 23% year-on-year), including $1.5 billion from Equity Trustees (EQT) migrations.
- Total Funds Under Administration (FUA): Reached $120.9 billion (up 33% year-on-year), with Platform FUA at $98.9 billion (up 36%).
- First in Market Rankings: HUB24 secured top position for quarterly and annual net inflows.
- Key Developments: ClearView WealthFoundations ($1.3 billion FUA) to migrate to HUB24 Super in 2H FY25; pilot launched for “Engage” reporting platform; Class to enhance property valuation integrations.
Platform Growth and FUA Momentum
HUB24 achieved record inflows and robust growth during Q2 FY25, with Platform FUA increasing by 8% for the quarter and 36% year-on-year to $98.9 billion as of December 31, 2024. The $5.5 billion in quarterly net inflows included $1.5 billion from EQT migrations, while excluding migrations, net inflows rose 47% year-on-year to $4 billion.
Highlights include:
- Market Recognition: Ranked first in Plan for Life data for net inflows and market share gains, which increased to 7.9% from 6.6%.
- Adviser Adoption: The number of advisers using HUB24 grew by 166 in the quarter to 4,886 (up 14% year-on-year).
Strategic Initiatives and Enhancements
HUB24 continued its innovation push, enhancing client and adviser experiences with tools and integrations:
- Engage Reporting Pilot: The next step in its reporting capabilities, offering improved customisation and client engagement.
- Bulk Fee Processing: New tools enable advisers to manage fee arrangements across multiple accounts efficiently.
- Foreign Exchange Enhancements: Improved tools for managing international securities trading.
The company also announced the planned closure of Xplore Wealth Managed Discretionary Account services by March 2026, with advisers being transitioned to alternative solutions.
Class Updates and Innovations
Class, a HUB24 subsidiary, saw:
- Accounts Growth: A 3% year-on-year increase to 210,414 accounts across Class Super, Portfolio, and Trust products.
- Document Orders Growth: Up 10% year-on-year to 200,440.
- Property Valuation Enhancements: Integration with leading property data providers for more efficient and cost-effective property ownership verification, with broader rollout expected in Q3 FY25.
Outlook and FY26 Targets
With $9.5 billion in 1H FY25 net inflows, HUB24 is tracking ahead of its FY26 Platform FUA target of $115–$123 billion. The company remains well-positioned for sustained growth, supported by strong pipeline momentum and continued innovation.
