HUB -4.47%: the investment platform business posted 2Q Funds Under Administration (FUA) numbers today which disappointed the market. They saw net inflows of $2.8b, down from $3b in the first quarter and $3.3b in 2Q22. Net inflows were 13% lower in the first half compared to the same period last financial year with the company blaming investor sentiment and macro outlook for the slowing FUA growth. They also took a small impairment on their investment in Diverger which will take $1m off the underlying profit. We recently sold HUB at higher levels in the Flagship Growth Portfolio.
MM is neutral to bearish HUB
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