Investment platforms Praemium (ASX:PPS) and Hub24 (ASX:HUB) record solid FUA growth
Nick Sundich, April 18, 2023
Praemium (ASX:PPS) and Hub 24 (ASX:HUB) are two of the ASX’s listed investment platforms. The pair released quarterly updates to investors and both recorded FUA (Funds Under Administration) growth in spite of the dour market conditions.
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Praemium grows its FUA by 8%
As profitable companies, Praemium and Hub24 only need to release yearly and half-yearly results. Nonetheless, financial companies tend to report unaudited results for each quarter because of the volatility of financial markets.
Praemium’s Funds Under Administration (FUA) as of March 31 2023 came in at $43.7bn, up 8% in 9 months. It has recorded $1.24bn of net inflows in FY23 to date. Although this is down from the first 9 months of FY22, investors would find it pleasing that there were positive flows in spite of market volatility.
Hub24 grows FUA too – by 16.5%
Hub24 recorded more than double the FUA growth of Praemium, by 16.5% from $59.4bn to $76.9bn. Platform net inflows were $1.9bn, down 28.6% on the pcp although it was the top platform in the sector for both quarterly and net inflows. It only has a 5.85% market share although this is up from 4.9% 12 months earlier.
Hub24 shareholders can expect further growth in the coming months. The company is targeting $80-$89bn FUA for FY24, hoping this can be boosted by a Heads of Agreement with Equity Trustees (EQT) to provide custodial platform administration and technology solution for EQT trustee services clients. Both companies also boasted positive ratings in several industry awards.
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