HUB -2.91%: reported positive platform net inflows for the third quarter though provided words of caution around volatility continuing into April and its potential to impact Funds Under Administration (FUA) moving forward which may have spooked the market slightly.
- Platform net inflows $4.94 billion, +39% y/y
- Total FUA $124.13 billion, +24% y/y
- Number of advisers 5,015, +14% y/y
Whilst acknowledging the market volatility, management reaffirmed confidence in its growth outlook and reiterated resilience of the business and the fact it operates in a landscape with structural tailwinds i.e. the growing superannuation sector amidst guaranteed super contributions, and the rapidly expanding $200bn separately managed account (SMA) market.
- The platform provider is well positioned to benefit from a market rebound – we topped up our position in the Active Growth Portfolio recently.
MM remains long and bullish HUB
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