HUB24 is a significant player in the Australian wealth management sector, distinguished by its substantial Funds Under Administration (FUA), which reached over $91 billion as of its first half of the financial year 2024 (1HFY24) results.
Understanding HUB24's Scale in the Financial Sector
The size of a financial platform like HUB24 is often measured by its Funds Under Administration (FUA). This metric represents the total value of assets that clients have entrusted to the platform for management and administration. A higher FUA signifies a larger market presence, greater client trust, and a strong position within the competitive financial services industry.
HUB24's Funds Under Administration (FUA)
As of the close of the first half of the financial year 2024, HUB24 reported considerable growth in its FUA across its various service offerings.
Key Metrics of HUB24's Funds Under Administration
The table below outlines HUB24's FUA breakdown as reported for 1HFY24:
| Funds Under Administration Category | Amount (as of 1HFY24) |
|---|---|
| Total Funds Under Administration | $91.2 billion |
| Platform Funds Under Administration | $72.4 billion |
| PARS Funds Under Administration | $18.8 billion |
Breakdown of FUA Components:
- Platform Funds Under Administration (FUA): This constitutes the largest portion of HUB24's FUA, representing the funds managed through its primary investment platform. As of 1HFY24, this stood at $72.4 billion. Demonstrating continued growth, this figure further increased to $74.8 billion as at February 15, 2024.
- PARS Funds Under Administration (FUA): This component accounts for funds managed under its Portfolio Administration and Reporting Service (PARS), contributing $18.8 billion to the overall FUA in 1HFY24.
Growth and Market Position
The consistent growth in HUB24's Funds Under Administration underscores its expanding influence and capabilities within the Australian wealth management landscape. The increase in Platform FUA from $72.4 billion to $74.8 billion in the short period between the end of 1HFY24 and mid-February 2024 highlights dynamic asset accumulation and strong market appeal. These figures collectively position HUB24 as a significant and growing entity, capable of administering substantial wealth for financial advisers and their clients. Its scale reflects its robust technology, service offerings, and competitive edge in attracting and retaining funds.
