ClearView migration helps drive HUB24 record | Australian Markets
Platform HUB24 has recorded a sturdy third quarter with web inflows up 33% over the prior corresponding period to $3.6 billion.
In an replace filed with the Australian Securities Exchange, HUB24 stated platform funds underneath administration (FUA) elevated 4% over the quarter to $102.5 billion pushed by quarterly web inflows of $4.9 billion which have been offset by unfavourable market actions of $1.3 billion.
Its replace stated that together with a $1.3 billion giant migration from ClearView WealthFoundations to HUB24 Super during the quarter web inflows have been $3.6 billion making it a record third quarter.
The ASX replace stated that during the quarter, 28 new distribution agreements have been signed and the full quantity of advisers utilizing the platform elevated by 129 to five,015 with roughly half of the increase in advisers during the quarter ensuing from the ClearView migration.
The ASX replace famous market volatility however stated the business is resilient and working in structurally growing markets “where there is strong demand for financial advice underpinned by demographic shifts and a government mandated superannuation system”.
Looking at its self-managed superannuation funds business, the company stated the quantity of accounts throughout Class Super, Class Portfolio and Class Trust merchandise as at 31 March was up 4% to 213,265, growing by 2,851 during the quarter representing the most important quarterly increase in over six years.
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