ASX-listed fintechs Hub24 and Praemium experienced net investor inflows of $2.6 billion and $725 million to their wealth management platform products respectively in the three months to March 31, as the big banks’ exit from the sector continues to fragment the financial advice industry.
Shares in Hub24 jumped 3 per cent to $26.20, while shares in Praemium surged 16.9 per cent to 72¢ by 2pm in Tuesday’s trade, after the two wealth management technology rivals separately lodged March quarter updates with the Australian Securities Exchange.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
