HUB +2.36%: Rallied today following their Q3 update that showed net flows of $1.9bn and total Funds Under Administration (FUA) of $76.9bn (+13% YoY), continuing its trajectory and number one position on net flows for the quarter across the platform space. They also flagged an agreement with EQT for a proposed large transition of up to $4bn. Putting the flows into context, Netwealth (NWL) recently reported quarterly net flows of $1.65bn, with NWL around 45% bigger than HUB. They said platform FUA guidance of $80-89bn by FY24 remains intact. Interestingly, they saw a strong uptick in advisers on the platform, up +56 in the quarter to 3,748 which we think about as a strong lead indicator of net flow momentum with a typical ~12-month onramp. All in all, a very good update from HUB and this remains a company we like (although we have sold recently at ~$27.66).
MM likes HUB, despite now having no position
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