Hub24 has reported record annual net inflows of $5 billion for the 2020 financial year as rival wealth platforms Netwealth and Praemium also saw increased funds under administration despite the market downturn.
In a statement to the Australian Securities Exchange on Monday, Hub24 announced funds under administration of $17.2 billion at June 30, an increase of $4.3 billion, or 34 per cent, on the previous corresponding period. Net inflows for the year totalled $4.95 billion in what the platform market challenger said was a record.
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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
