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Hub24 Ltd

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Hub24 Ltd

ASX:HUB

Financials

Summary

The fund managers believe that Hub24 Ltd is well-positioned for growth, citing its strong market presence and innovative technology solutions. They highlight the company’s ability to adapt to regulatory changes and its commitment to enhancing customer experience as key strengths. In their opinion, Hub24's diversified product offerings and expanding client base contribute to its competitive advantage in the financial services sector. Moreover, they emphasize the importance of ongoing investment in digital platforms, which they see as crucial for maintaining operational efficiency and customer satisfaction. Overall, the fund managers are optimistic about Hub24's future performance, viewing it as a promising investment opportunity due to its solid fundamentals and strategic initiatives.

Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed. 

Source: Trading View

Commentary From The Managers

Pendal Group

26 Sept 2025

$98.94

Summary

  • Pendal Group highlights the strong client satisfaction with the HUB24 platform.
  • HUB24 is recognized as a disruptor and enabler in the market.
  • It is well-positioned in the thematic growth of defined contributions in Superannuation Australia.
  • The product is considered superior to that of traditional incumbents.
  • Incumbents are described as disorganized, with poor incentive and management structures.
  • HUB24 is gaining market share through both market growth and ongoing super contributions.
  • Valuation remains a key question, but the overall market dynamics are viewed positively.
  • There is a large addressable market with low penetration rates.
  • Pendal Group notes good execution and a very good product offering from HUB24.

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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed. 

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Commentary From The Managers

Pendal Group

26 Sept 2025

$98.94

  • Pendal Group highlights the strong client satisfaction with the HUB24 platform.
  • HUB24 is recognized as a disruptor and enabler in the market.
  • It is well-positioned in the thematic growth of defined contributions in Superannuation Australia.
  • The product is considered superior to that of traditional incumbents.
  • Incumbents are described as disorganized, with poor incentive and management structures.
  • HUB24 is gaining market share through both market growth and ongoing super contributions.
  • Valuation remains a key question, but the overall market dynamics are viewed positively.
  • There is a large addressable market with low penetration rates.
  • Pendal Group notes good execution and a very good product offering from HUB24.

Summary

First Sentier Investors

1 Aug 2025

$106.72

  • First Sentier Investors initiated a position in Hub24 Ltd due to strong leadership by Andrew Alcock.
  • The company is experiencing consistent growth in funds under administration (FUA), projected at $14-15 billion annually.
  • Expected earnings per share (EPS) growth in the high teens.
  • Hub24 is successfully gaining market share.
  • There is significant potential for continued growth, both for Hub24 and Netwealth (ASX: NWL).
  • Overall, First Sentier Investors views Hub24 as a strong investment opportunity.

Summary

Hyperion Asset Management

31 July 2025

$106.65

  • HUB24 Ltd. (HUB) reported a strong 4Q25 trading update with quarterly net inflows of A$5.3 billion (up 7% on pcp).
  • Significant migrations included A$1.2 billion from Equity Trustees (EQT).
  • Excluding the EQT migration, net inflows reached a record A$4.1 billion (up 33% on pcp).
  • Annual Platform net inflows were a record A$19.8 billion (up 25% on pcp) in FY25.
  • HUB ranked first for both quarterly and annual net inflows according to Plan For Life as of March 31st.
  • Total Funds Under Administration (FUA) reached A$136.4 billion as of 30 June 2025 (up 30% on pcp).
  • Platform FUA stood at A$112.7 billion (up 34% on pcp), while Portfolio, Administration and Reporting Services (PARS) FUA was A$23.7 billion (up 16% on pcp).
  • HUB continues to lead in advisor advocacy, achieving the highest Net Promoter Score (NPS).
  • Ranked first by advisers for Overall Satisfaction and Actual Advocacy.
  • HUB24 achieved the highest adviser satisfaction in 13 categories, including Platform Reliability and Cyber Security Measures.

Summary

Contact Asset Management

31 July 2025

$106.65

  • HUB24 provided a quarterly update showcasing continued growth in Funds Under Administration and market share gains.
  • Adviser growth increased by 12.6% compared to the prior year, indicating strong future potential.
  • Management emphasized that HUB24 is well positioned for continued growth, backed by a robust pipeline of opportunities.
  • Contact Asset Management continues to hold its position in HUB24 due to these positive indicators.

Summary

Wilson Asset Management

31 July 2025

Unknown

  • HUB24 operates a financial services and wealth technology platform delivering integrated investment, super, and adviser portals.
  • Share price increased approximately 20% over the month, driven by strong financial performance and strategic developments.
  • Q4 FY2025 market update showed record annual platform net inflows of $19.8 billion, a 25% increase compared to the previous year.
  • Net inflows of $5.3 billion in Q4, including $1.2 billion from Equity Trustees (EQT), were significant.
  • Inflows from EQT represent the final tranche of funds migrated as part of a strategic partnership between the two companies.
  • Excluding migrations, net inflows for the quarter were a record $4.1 billion, up 33% on Q4 FY2024.
  • Total Funds Under Administration (FUA) reached $136.4 billion as of 30 June 2025, marking a 30% increase from the previous year.
  • Wilson Asset Management continues to hold HUB24 due to its strong growth prospects and positive financial performance.

Summary

QVG Capital

31 July 2025

Unknown

  • QVG Capital notes HUB24’s shares increased by over 19% in July.
  • The rise was supported by a strong quarterly update and favorable equity market conditions.
  • HUB24 reported a 30% year-on-year increase in funds under administration, totaling $112.7B.
  • Record net inflows of $5.3B for the quarter were a significant driver.
  • Large client migrations played a role in the uplift.
  • Annual inflows reached $19.8B, reinforcing HUB24’s industry-leading flows.
  • QVG Capital continues to hold its position based on these positive developments.

Summary

Glennon Small Companies

31 July 2025

$106.65

  • Hub24 Limited (ASX: HUB) has seen a +19.6% increase.
  • Recent broker upgrades have positively impacted Hub24's stock performance.
  • The rally is attributed to stronger-than-expected net inflows.
  • Hub24 is gaining market share within the wealth management platform sector.
  • The company continues to attract advisers transitioning from legacy platforms.
  • Hub24's product innovation pipeline is a key differentiator in the market.
  • Glennon Small Companies continues to hold its position based on these developments.

Summary

DS Capital

30 June 2025

$89.17

  • DS Capital continues to hold its position in HUB24 Ltd due to strong operational results.
  • Both HUB24 and Netwealth have seen significant share price increases of 92% and 52% respectively.
  • Higher stock markets and robust inflows contributed to a 30% growth in Funds Under Advice, reaching $130b for HUB24 and $110b for Netwealth.
  • Both businesses are experiencing double-digit profit growth driven by improved margins from cost control and scale benefits.
  • HUB24 and Netwealth are recognized for their excellent product and high value proposition, setting the gold standard in the wealth management sector.
  • They currently hold about 9% market share and are poised to gain further share from lower quality legacy solutions.
  • Both firms operate at high margins and are growing strongly without requiring additional capital.
  • While confident in their operational capabilities, DS Capital remains mindful of valuation considerations.

Summary

Glennon Small Companies

31 May 2025

$83.13

  • HUB24 gained on renewed investor optimism in the platform sector.
  • Growth driven by increased flows and improving sentiment across financial advisory channels.
  • The company remains a leader in the independent platform space.
  • Continues to grow market share through adviser-centric technology.
  • Strong net inflows support overall growth.

Summary

Hyperion Asset Management

30 Apr 2025

$72.35

  • HUB24 Ltd. (HUB) reported record Q3 platform net inflows of A$4.9bn, a 39% increase year-on-year.
  • The result included A$1.3bn transferred from Equity Trustees (EQT) during Q3, with an additional A$0.9bn expected in Q4.
  • Total Platform Funds Under Administration (FUA) ended at A$102.5bn, despite a negative market movement impact of A$1.3bn.
  • 28 new distribution agreements were signed, increasing the total number of advisers using the platform by 129 to 5,015 (up 14% year-on-year).
  • HUB ranked first for quarterly and annual net inflows, with the largest market share gains among platform providers.
  • Market share increased to 8.3% as of December 31, 2024, up from 7.0% a year prior, ranking seventh overall.
  • As of April 15, 2025, HUB has not seen any shift in net inflow momentum due to market volatility.
  • Hyperion Asset Management continues to hold HUB24 as it expects sustained strong FUA net inflow growth, driven by a shift away from legacy platform providers.

Summary

Wilson Asset Management

31 Mar 2025

$68.22

  • HUB24 delivers integrated platform, technology and data solutions to the Australian wealth industry.
  • As a platform provider, HUB24’s earnings profile is linked to broader capital market confidence.
  • The share price declined amidst broader market weakness during the month.
  • HUB24 continues to strengthen its position as Australia’s best platform in the industry.
  • Recent enhancements have allowed HUB24 to surpass AustralianSuper as the leading fund for competitive superannuation flow.
  • Wilson Asset Management remains confident in HUB24’s long-term outlook.
  • This confidence is underpinned by the strength of their relative position in the platform market.

Summary

Contract Asset Management

31 Mar 2025

$68.22

  • HUB24 reported record inflows and a 33% increase in FUA to $121 billion.
  • Despite strong results, HUB24's share price experienced a pullback.
  • The fund manager initiated a position due to a 30% dividend increase.
  • Contract Asset Management believes in the company's positive momentum.
  • Anticipation of continued market share gains and economies of scale.
  • Investment is supported by strong management and a robust balance sheet.

Summary

Montgomery Investment Management

20 Feb 2025

$82.99

  • HUB24 has risen 116% in the last 12 months.
  • Released robust half-year results for 2025.
  • Increased FY26 platform funds under administration (FUA) target to $123-$135 billion.
  • Record net inflows of $9.5 billion, a 31% year-on-year growth.
  • Total active advisers rose 14% to 4,886, representing 31% of all Australian advisers.
  • Total FUA reached $120.9 billion, a 33% year-on-year increase.
  • Reported market share increased to 7.9%.
  • Revenue rose 25% to $195.2 million, with EBITDA up 41% to $77.6 million.
  • Underlying net profit after tax (NPAT) increased 40% to $42.6 million.
  • Capital expenditure (CapEx) expected at $20 million for FY25.
  • Improved operating efficiency with tech solutions division margin expanding to 36.4%.
  • Managed accounts funds under management (FUM) reached $42 billion, growing 43% per annum.
  • Montgomery Investment Management continues to hold HUB24 due to strong execution and adviser growth.

Summary

Wilson Asset Management

31 Jan 2025

$80.65

  • Wilson Asset Management continues to hold HUB24 due to its strong position as a wealth management platform provider.
  • The company offers investment and superannuation solutions to financial advisers, accountants, and their clients.
  • In January, HUB24 saw a significant share price increase, attributed to record quarterly net inflows of $5.5 billion.
  • This contributed to an 8% rise in platform funds under administration, reaching $98.9 billion.
  • Wilson Asset Management remains positive on the company's outlook.
  • There is a belief that the structural shift to independent platforms like HUB24 will continue.

Summary

Hyperion Asset Management

31 Jan 2025

$80.65

  • Record Platform net inflows of A$5.5bn (+23% pcp) reported by HUB24 Ltd. for 2Q25.
  • Large migrations from EQT contributed A$1.5bn, with ~A$900m remaining for transition in 2H25.
  • HUB24 achieved record 1H net inflows of A$9.5bn (+31% pcp).
  • Market movements added A$1.8bn, raising Platform Funds Under Administration (FUA) to A$98.9bn (+36% pcp).
  • Total FUA reached A$120.9bn as of 31 December 2024 (+33% pcp).
  • Ranked first for quarterly and annual net inflows and had the largest annual market share gains among platform providers.
  • Market share increased to 7.9% (up from 6.6% as at 30 September 2023).
  • Signed 40 new distribution agreements during the quarter.
  • Number of advisers using the platform increased by 166 to 4,886 (+14% pcp).
  • Cash held on platform remained constant at ~7%.
  • FY26 FUA guidance maintained at A$115bn–A$123bn.
  • HUB24 Super selected as the successor fund for ClearView WealthFoundations, with up to A$1.3bn of FUA planned for migration in 2H25.
  • Class products saw an increase in accounts to 210,414 (+3% pcp).
  • Document Orders on NowInfinity rose to 200,440 (+10% pcp).
  • Number of companies using Corporate Messenger increased to 818,486 (+17% pcp).

Summary

QVG Capital

31 Dec 2024

$69.60

  • QVG Capital highlights that HUB24 earns fees based on their assets under management.
  • This means that earnings and valuation are directly influenced by stock market fluctuations.
  • In the short term, HUB24 may experience volatility in revenues.
  • However, over the long term, this volatility is seen as a consistent tailwind as markets generally trend higher.

Summary

Hyperion Asset Management

30 Nov 2024

$74.05

  • HUB24 Limited (HUB24) held their 2024 Investor Strategy Day.
  • Reiterated FY26 funds under administration (FUA) guidance.
  • Highlighted significant growth opportunities for the core platform business.
  • Leading position in technology, retail net inflows, and managed accounts capabilities.
  • Synergistic opportunities via the Tech Solutions business.
  • Market share grew from 4.3% to 7.7% in the last three years.
  • Management suggests core platform market share could reach the teens in coming years.
  • Demand for financial advice is increasing, with 2.3 million individuals seeking advice.
  • HUB24 has a dual strategic approach: growing platform FUA and investing in tech solutions.
  • Introduced numerous improvements to advisor and accountant tools throughout 2024.
  • New client portal for Class and product launches such as SMSF Access and HUB24 Discover.
  • Increased focus on tech innovation expected to support high growth and reduce costs.
  • Introduced AI-powered solutions for code testing and proactive servicing.
  • Leveraging AI and machine learning to drive efficiency gains.
  • Automating fee consent, form processing, and data analysis to save advisers time.

Summary

Wilson Asset Management

31 Oct 2024

$69.11

  • HUB24 is a provider of integrated platform, technology, and data solutions.
  • Strong start to FY2025 with Platform Funds Under Administration (FUA) increasing 8% to $91.6 billion.
  • Record quarterly Platform net inflows of $4 billion, up 44% year-on-year.
  • Positive market movements contributed $3.1 billion to FUA growth.
  • Signed 44 new distribution agreements, resulting in 195 new advisers using the platform.
  • Confidence in meeting FY2026 FUA target of $115 – $123 billion.
  • Strategic alliance with Reach Alternatives to provide access to high-quality private equity and private credit investments.
  • Collaboration aims to address demand for alternative assets in Australia and drive stronger earnings growth.
  • HUB24 is well-positioned for further inflow growth and strong operating leverage over the next 12 months.

Summary

Hyperion Asset Management

31 Oct 2024

$69.11

  • HUB24 Limited achieved strong quarterly net inflows of $4bn, representing a 44% increase on the prior corresponding period (pcp).
  • Total Funds Under Administration (FUA) rose 37% on pcp to $113bn.
  • Platform FUA grew by 41% on pcp to $91.6bn.
  • Portfolio Administration and Reporting Services (PARS) FUA increased 21% on pcp to $21.4bn.
  • 44 new distribution agreements were signed, boosting the total number of advisors using the platform by 17% on pcp to 4,720.
  • HUB24 ranked first for both quarterly and annual net inflows, achieving the largest market share gains among platform providers.
  • Management confirmed progress on the EQT migration, having migrated $4.1bn to date, with an additional $0.9bn expected to migrate by the end of FY25.
  • Management remains confident in achieving their target of $115-123bn in Platform FUA by FY26.

Summary

ECP Asset Management

31 Oct 2024

$69.11

  • HUB24 Limited (HUB24) outperformed in October, driven by strong net flows for 1Q25.
  • ECP Asset Management notes that the market has become more positive, alleviating concerns from 2023 regarding flow momentum.
  • There is an increasing optimism about contestable platform funds, particularly following significant asset divestments by major competitors.
  • HUB24 is experiencing attractive margins and operational leverage, which enhances the overall outlook.
  • ECP Asset Management continues to hold its position in HUB24 due to these compelling factors.

Summary

Ausbil

31 Oct 2024

$69.11

  • Centennial Asset Management believes Zip has the potential to rally in the short term.
  • Zip is well positioned to deliver further strong growth in revenues and profitability.
  • The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
  • New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
  • Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
  • Zip has surprised the market with better-than-expected earnings over the past year.
  • The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.

Summary

DS Capital

30 Sept 2024

$58.37

  • DS Capital provides an update on their investment thesis regarding HUB24 Ltd.
  • HUB24 reported results that were well-aligned with DS Capital's expectations.
  • Earnings growth for HUB was recorded at 15%.
  • Favourable commentary concerning cost growth suggests strong potential for margin expansion.
  • The second half of the fiscal year showed clear signs of improvement in performance.
  • HUB24 has entered FY25 with a strong trend of inflows.
  • This performance lays a solid foundation for strong inflows guidance moving forward.
  • DS Capital continues to hold their position in HUB24 based on these positive indicators.

Summary

QVG Capital

28 Feb 2024

$38.76

  • QVG Capital continues to hold due to HUB24 ticking all the boxes.
  • HUB24 achieved an earnings beat.
  • There was an upgraded guidance indicating positive future prospects.
  • Outlook remains positive with good cash flow.
  • No share dilution occurred, maintaining value for shareholders.
  • HUB24 is winning market share at an increasing rate.
  • The company holds an increasingly strong competitive position.
  • Despite the stock trading down due to weak financial markets and a high starting valuation, QVG Capital remains confident.
  • This result provides the conviction needed for the long term.

Summary

Contract Asset Management

31 Jan 2024

$37.30

  • Contract Asset Management exited their investment in Hub24 (HUB).
  • They believe HUB is an extremely well-managed business with a solid growth pipeline.
  • HUB is gaining market share from incumbent platform operators.
  • Despite a sound December update, the growth comes at a cost, requiring investment in employees and systems.
  • This investment may dilute economies of scale.
  • With HUB trading at a FY24e P/E multiple of approximately 45x, better value is seen elsewhere.
  • Contract Asset Management initially acquired HUB at a c30x multiple, benefiting from earnings growth and multiple expansion.

Summary

Wilson Asset Management

31 Jan 2024

$37.30

  • HUB24 provides data and technology solutions to the financial advisory sector via cloud-based wealth accounting services.
  • The investment platform reported record platform net inflows of $4.5 billion, marking a 60.4% increase compared to the previous corresponding period.
  • According to Plan for Life, HUB24 achieved the top position for both quarterly and annual net inflows.
  • The company has received multiple SMSF Adviser awards, highlighting its industry recognition.
  • HUB24 maintains a robust opportunity pipeline across all customer segments, reinforcing confidence in its continued success.
  • Wilson Asset Management continues to hold because of HUB24's ability to exceed market expectations.

Summary

Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed. 

Frequently Asked Questions

Who has invested in Hub24 Ltd (ASX:HUB)?

Fund managers including Ausbil, DS Capital, Contract Asset Management, QVG Capital, Wilson Asset Management, Montgomery Investment Management, First Sentier Investors, Hyperion Asset Management, ECP Asset Management, Contact Asset Management, Glennon Small Companies and Pendal Group have invested in Hub24 Ltd (ASX:HUB).

Why have investment managers invested in Hub24 Ltd (ASX:HUB)?

Fund managers are investing in Hub24 Ltd due to its strong performance and growth potential in the wealth management sector. The company has demonstrated impressive quarterly results, with significant increases in funds under administration (FUA) and record net inflows, indicating robust demand for its platform services. Analysts highlight Hub24's ability to capture market share from legacy platforms, supported by a solid pipeline of growth opportunities and strategic partnerships. With earnings growth projections of 25-30% over the next three years and a strong management team, fund managers view Hub24 as a high-conviction investment. Additionally, the ongoing structural shift towards independent platforms and the company’s innovative technology solutions further solidify its competitive position, making it an attractive option for long-term investment.

What happened to Hub24 Ltd (ASX:HUB)?

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