HUB24 confirms ScoMo bounce for investment activity

Investment platform HUB24 is surfing an uptick in the flow of funds on the back of the election result, as the firm looks for new ways to service financial advisers in a post-Hayne environment.
HUB24 managing director Andrew Alcock said the surprise election result had translated into a fillip for financial services companies in a month that already produced strong fund flows.
“We have seen greater activity, yes,” Mr Alcock said. “Things were slower and patchier before the election than they were after the election; it appears the stability in government might be driving some confidence.”
HUB24 is one of a handful of an independent platform operators making the most of the battering incumbent players such as the big four banks, AMP and IOOF received during the Hayne commission.
The company reported record quarterly net inflows of $793 million for the March quarter, up 33 per cent on the prior corresponding period.
Funds under administration of $11.5 billion were up 56 per cent on a year ago and, if the trajectory continues, HUB24 may reach its goal of $20 billion in FUA much earlier than its June 2021 forecast.