Shares in wealth industry services provider HUB24 surged more than 13% after it announced record quarterly net inflows.
HUB24 said platform funds under administration (FUA) increased to A$98.9 billion in the second quarter of the 2025 financial year (FY25), up 36% from the previous corresponding period (pcp), driven by record quarterly net inflows of $5.5 billion (up 23%).
The company also announced the closure of Xplore Wealth Managed Discretionary Account (MDA) services by 31 March 2026 and said it was engaging with financial advisers to explore alternative options including moving to the HUB24 Platform.
By 12:10 pm AEDT (1:10 am GMT) the HUB24 (ASX: HUB) price had surged $8.614 or 13.2% to $73.845, after trading between $73.81 and $73.88 and capitalising the company at $5.29 billion.
Total FUA reached $120.9 billion at 31 December 2024, up 33% on the pcp, comprising platform FUA of $98.9 billion and portfolio, administration and reporting services FUA of $22.0 billion (up 17% on pcp).
During the quarter 40 new distribution agreements were signed and the number of advisers using the platform increased by 166 or 14% to 4,886.
In the latest available Plan for Life data, HUB24 ranked first for quarterly and annual net inflows and had the largest annual market share gains of all platform providers.
HUB24’s market share increased to 7.9% (up from 6.6% at 30 September 2023) and it is ranked seventh overall.
HUB24 provides investment and superannuation solutions to individuals, financial advisers and institutional investors, including a platform for managing investments, such as managed funds, direct shares, and other financial products.