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Fund Manager Summary on Hub24 Ltd (ASX:HUB)
In February 2026, Pendal Group commented that Hub24 Ltd (ASX:HUB) delivered 35% EBITDA growth beating consensus, upgraded FY27 FUA guidance to about $160–170bn and showed strong momentum while noting valuation appeared full at roughly 50x FY27. Across fund manager commentary, the consensus view is that Hub24 is a leading, adviser-focused wealth platform benefitting from persistent structural tailwinds in Australian superannuation and adviser consolidation, evidenced by rapid FUA and adviser growth (record quarterly and annual net inflows, quarterly inflows of A$4.1–5.6bn and FY25 annual inflows of A$19.8bn, with FUA rising into the A$120–136bn range and adviser numbers above 5,200), strong adviser advocacy and successful large client migrations (including Equity Trustees), and clear operating leverage driving margin and EPS expansion; managers highlight continued product investment (eg. prototyping of a consolidated ‘myhub’ portal), a robust pipeline of distribution agreements, and potential further market share gains as incumbents underinvest or retreat, while flagging actionable risks including sensitivity to capital market confidence, short-term share price volatility, execution risk around large migrations and new product rollouts, and a stretched valuation that may temper near-term upside, suggesting investors should weigh ongoing FUA and adviser metrics, margin expansion and delivery against macro-driven flow variability and current multiples when assessing strategic exposure to HUB24.
Commentary From The Managers
There are 45 insights from 18 fund managers regarding their investment in Hub24 Ltd (ASX:HUB) available on Thesis Tracker.
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Commentary From The Managers
Ausbil Investment Management
26 Feb 2026
$96.25
Summary
- Ausbil Investment Management believes Hub24 is a high‑quality, scalable platform and increased their position because of accelerating FUM inflows, durable recurring revenue, visible margin expansion and consistent execution.
- FUM‑linked, recurring revenue: fee income scales directly with net flows and market values, driving strong operating leverage as fixed costs are absorbed.
- Scalable technology and product differentiation: modern, API‑first platform and ongoing product enhancements improve adviser workflow, client experience and ARPU.
- Distribution momentum: growing adviser adoption, migrations from legacy platforms and strategic partnerships are expanding market share.
- Regulatory and industry tailwinds: adviser consolidation, greater focus on platform transparency and superannuation dynamics favour platform adoption.
- Attractive financial profile: high gross margins, strong cash conversion and a capital‑light model support reinvestment and optionality.
- Management and execution: proven delivery against roadmap, disciplined capital allocation and focus on operational metrics reduce execution risk.
- Key risks: competition and pricing pressure, execution or integration slip‑ups, technology/cyber risk and sensitivity to market cycles.
- Additional tailwind (Dushko’s point): Ausbil Investment Management views the monetisation of adviser‑facing workflow tools and platform data/analytics as an important growth lever, and believes this is likely to be the strongest tailwind over the next three years.
First Sentier Investors
26 Feb 2026
$96.25
Summary
- First Sentier Investors believes Hub24 is well placed to convert scale into operating leverage, and initiated a position because of strong net flows, significant margin expansion and material EPS upside.
- $20 billion of recent net flows have pushed platform funds under administration to $140 billion+, driving revenue scale.
- Approximately 350 basis points of margin expansion underpins improved profitability as fixed costs are leveraged.
- ~60% EPS growth demonstrates strong earnings momentum while investment continues.
- Management is continuing to invest in product and client service yet the business still realizes operating leverage because of its scale.
- Passionate and capable management with a track record of execution and reinvestment supports confidence in ongoing delivery.
- Well positioned to win net flows from incumbent platforms and large super funds, particularly as the retirement phase increases demand for advice and sizeable account transfers.
- Scale advantage enhances the company’s ability to sustain margin and earnings expansion, reinforcing the investment thesis.
Pendal Group
23 Feb 2026
$91.49
Summary
- Pendal Group believes Hub24's strong result validates its revenue margin expansion, operating leverage and FUA momentum, and continues to hold because these fundamentals support medium‑term earnings growth despite a full valuation.
- EBITDA: +35% year-on-year, beating consensus by ~6% — evidence of accelerating profitability.
- Revenue margin expanded, driving a ~3% revenue beat versus expectations.
- Operating leverage intact with management keeping FY cost growth guidance at +18–20%, supporting margin upside.
- FY27 FUA guidance upgraded ~5% to $160–170bn (consensus already at the upper end), indicating stronger flows and platform scale.
- Out‑year upgrades modest (~+4%) but underlying momentum remains constructive for future upgrades.
- Structural opportunity: demographic tailwinds as clients near retirement and seek advice could prompt market share shifts from industry to retail funds, benefiting the platform model.
- Valuation is full (~50x FY27); recent share price volatility suggests the risk‑reward is becoming more evenly balanced, warranting a measured holding stance.
Hyperion Asset Management
31 Jan 2026
$97.58
Summary
- Hyperion Asset Management believes HUB24’s platform momentum, market-share gains and adviser engagement underpin durable growth, and continues to hold because recent net inflows, FUA growth, distribution wins and product adoption keep FY26–FY27 targets achievable.
- 2Q26 net inflows: A$5.6bn (+2% pcp; +42% normalised for 2Q25 migrations); 1H26 net inflows: A$10.7bn (+13% pcp).
- Platform FUA: A$127.9bn (+29% pcp) after A$0.4bn of positive market movement plus net inflows.
- Market share & ranking: 9.3% as at Sep 2025 (from 7.9% pcp); ranked sixth largest by FUA; leading peers for quarterly and annual net inflows and recording the largest annual market share gains (Plan for Life).
- Distribution & adviser metrics: 34 new distribution agreements in the quarter; advisers using the platform: 5,277 (+8% pcp).
- Product adoption: Accounts (Class Super/Portfolio/Trust) 219,973 (+5% pcp); Document Orders on NowInfinity 231,577 (+16% pcp); Corporate Messenger users 904,344 (+10% pcp).
- Targets & pipeline: FY26 FUA range A$123–135bn and FY27 range A$148–162bn unchanged and appear achievable; management highlights a solid pipeline from licensees and advisers.
- Innovation: Progressing the co‑designed "myhub" ecosystem prototype to consolidate adviser workflows; pilot targeted for 1H FY27.
Fidelity International
4 Jan 2026
$94.06
Summary
- Fidelity International believes Hub24 is the number one stock for us and continues to hold because it combines structural growth, market-share gains, deep client trust and complex, sticky technology that supports sustained growth.
- Structural growth: Fidelity International believes the company operates in a growing market that provides a long runway for revenue expansion.
- Market-share gains: Fidelity International believes Hub24 is winning clients and scaling its platform, reinforcing competitive positioning.
- High trust and client stickiness: Fidelity International believes clients place strong trust in the platform and, once integrated, are likely to stay long term.
- Complex, high‑switching‑cost technology: Fidelity International believes the sophisticated nature of the ecosystem increases retention and makes client migration difficult.
- Technology leadership and delivery: Fidelity International believes Hub24 is a technology leader that has demonstrated growth, supporting ongoing conviction.
- Conviction to hold: Fidelity International continues to hold Hub24 due to the combined effect of structural growth, market share, trust and technological advantage.
Wilson Asset Management
4 Jan 2026
$94.06
Summary
- Wilson Asset Management believes HUB24 (H-U-B) is advantaged among investment platforms and initiated a position because the recent pullback created an opportunity to buy into accelerating flows, FUM and adviser wins.
- Macro tailwinds: positive market outlook supports platform earnings upside as stronger markets lift FUM and valuations.
- Competitive distinction: competitors are distracted by First Guardian and Shield, allowing HUB24 to invest while others focus on remediation.
- Product rollout: ongoing new product launches are expected to further enhance HUB24’s proposition versus rivals.
- Operational momentum: consistent upside surprises on flows, funds under management and adviser numbers signal a sustained runway for growth.
- Valuation view: not necessarily cheap, but the recent pullback is viewed as an opportunity to build a position.
LHC Capital
31 Dec 2025
$96.25
Summary
- LHC Capital believes HUB24 is the superior "next generation" wealth platform and increased their position because its competitive execution and flow capture offer a clearer path to high-margin, cash-generative growth.
- Strong financial and operational performance: HUB24 delivered a robust year, with shares returning 39.1% over the calendar year.
- Sector thesis — next‑generation platforms: Adviser numbers are declining while incumbents underinvested in systems, creating an opportunity for modern platforms to materially improve adviser efficiency and scalability.
- Concentration of incremental flows: HUB24 and Netwealth together are capturing more than 90% of incremental industry flows despite each holding only a single‑digit share of the total addressable market.
- Attractive economics: Incremental revenues largely flow through to profit over a mostly fixed cost base and convert to cash at a high rate.
- Long runway: Dominant share of incremental flows plus modest current market share implies significant long‑term growth potential.
- Relative competitive assessment: After detailed industry flow analysis, LHC Capital concluded HUB24 has begun to pull ahead of Netwealth in positioning and execution.
- Portfolio action: In H2 the Fund exited Netwealth and redeployed proceeds into HUB24 to reflect this assessment.
- Immediate impact: That repositioning aided the Fund’s 2025 return — HUB24 rose ~11% over the period while Netwealth declined ~21%.
- Ongoing view: LHC Capital remains surprised by the magnitude of Netwealth’s price decline given its operational strength and would not rule out rebuilding a position, but currently assesses HUB24 as better positioned to win incremental market share over the longer term.
Infinity Asset Management
30 Nov 2025
$99.04
Summary
- Infinity Asset Management believes Hub24 (HUB) is well positioned in the platform sector and increased their position because they topped up to a new, higher target, remaining bullish on HUB’s capacity to capture new flows and grow platform FUA over the medium to long term.
- Competitive positioning: scalable, adviser‑focused technology, open architecture and API connectivity that differentiate HUB from incumbents and support market share gains.
- Growth drivers: ongoing adviser migration, increased adviser‑led flows, product breadth and partnerships expected to drive FUA inflows and recurring revenue.
- Unit economics & leverage: platform model delivers high recurring revenue and operating leverage — margins should improve as FUA scales.
- Execution confidence: recent top‑up reflects conviction in HUB’s ability to convert pipeline into sustainable flows and hit medium‑term FUA targets.
- Key risks: intensified competition, execution delays, market volatility affecting FUA and fee revenue, and potential regulatory or pricing pressure.
- Investment horizon & catalysts: medium‑to‑long term FUA growth, adviser conversion milestones, partnership rollouts and quarterly flow updates that could validate the thesis.
- Positioning rationale: increased weight reflects a view that current valuation and outlook offer attractive upside as HUB scales its platform and monetises flows.
QVG Capital
4 Nov 2025
$114.58
Summary
- Hub24’s stock benefitted from announcing industry leading inflows for the September quarter.
- Macquarie’s decision to shrink its product offering has positively impacted Hub24’s stock.
- This decision by Macquarie appears to be driven by risk aversion without much consideration for clients or commercials.
- Wealth platforms in the market, including Hub24, are likely to welcome this free kick.
- QVG Capital continues to hold its position in Hub24 due to these favorable market dynamics.
Ausbil Investment Management
31 Oct 2025
$114.16
Summary
- HUB24 (HUB) returned +13.3% for the month.
- September quarter flow result was impressive, marking a record net inflow quarter.
- This result is on a business-as-usual basis, excluding large institutional migrations.
- HUB continues to build platform leadership.
- Acceleration in flows is supported by technology enhancements.
- Strong service culture contributes to HUB's ongoing success.
ECP Asset Management
31 Oct 2025
$114.16
Summary
- HUB24 (HUB) outperformed during October due to positive business updates.
- Material net inflows to its wealth platform indicate ongoing market share gains.
- Recent competitor-platform headlines have boosted sentiment toward HUB.
- The probability of a stronger flow pipeline is increasing.
- HUB's attractive margins and operating leverage contribute to a compelling outlook.
- ECP Asset Management continues to hold its position in HUB24.
Infinity Asset Management
31 Oct 2025
$114.16
Summary
- HUB24 remains an overweight position for Infinity Asset Management.
- It was the largest contributor to portfolio performance in October, rallying 13.3% after a strong 1Q26 trading update.
- Delivered record net inflows of $5.2bn (+28% YoY).
- Platform FUA reached $122bn (+33% YoY).
- Notable adviser growth of +11% YoY to 5,229 advisers.
- Secured 41 new distribution agreements, further entrenching market position.
- Buoyant sentiment driven by competitive disruption from First Guardian and Shield platform failures.
- HUB24 is now the 6th largest platform with 9% market share, surpassing Netwealth.
- Guidance maintained with focus on the upcoming investor strategy day in November.
Ten Cap
31 Oct 2025
$114.16
Summary
- HUB24 Ltd (HUB) has returned over +13%, maintaining a strong performance.
- Ten Cap views HUB24 as a key beneficiary of structural changes in the platform space.
- Competitors are facing headwinds, positioning HUB24 favorably.
- Ten Cap's investment reflects conviction in HUB's scalable model.
- The company's growth is driven by adviser-led initiatives.
Pendal Group
27 Oct 2025
$113.85
Summary
- Pendal Group continues to hold its position in Hub24 Ltd due to positive performance metrics.
- Hub24 (HUB) reported encouraging 1Q flows, indicating strong investor interest.
- In the first six weeks of the quarter, HUB and NWL reported net flows of $2.55bn.
- While NWL's growth slowed to $4bn over the quarter, HUB maintained a strong trajectory with $5.2bn.
- This performance was largely anticipated, with FUM beating consensus by 1%.
- Consensus has upgraded EPS by 2%, reflecting improved outlook.
- Overall, operating momentum remains strong, which supports positive sentiment towards HUB.
Elston Asset Management
30 Sept 2025
$100.76
Summary
- HUB24 entered the ASX100 in September 2024.
- Elston Asset Management has a policy to exit a business within 12 months of it entering the ASX100.
- Elston was satisfied with the quality of HUB24 and held it while seeking a replacement.
- Replacement businesses met quality standards but were not attractively priced.
- Proceeds from the HUB24 sale were redeployed across the rest of the portfolio.
- The number of holdings in the portfolio was reduced to 20.
Glennon Small Companies
30 Sept 2025
$100.76
Summary
- HUB24 (ASX: HUB) experienced a share price decline of 7.32% despite reporting strong quarterly growth in funds under administration (FUA).
- Strong net inflows of $4 billion were reported, increasing FUA to $113 billion.
- Positive outlook for FY25 earnings and a higher dividend were also highlighted.
- The share price decline may be attributed to profit-taking and concerns over high valuation following a strong performance earlier in the year.
- Both HUB24 and its peers are seen as beneficiaries of long-term structural growth in the wealth management sector.
- September's performance illustrated investor sensitivity to short-term risks and elevated expectations.
- Glennon Small Companies continues to hold its position in HUB24 due to its strong fundamentals and growth potential.
QVG Capital
30 Sept 2025
$100.76
Summary
- QVG Capital continues to hold its position in Hub24 Ltd.
- Hub24 has experienced a decline, similar to other large cap industrials.
- The decline is partly due to the impact of Netwealth, a key competitor.
- Netwealth has been affected by the failed First Guardian Master Fund.
- QVG Capital believes in the long-term potential of Hub24 despite current market conditions.
Infinity Asset Management
30 Sept 2025
$100.76
Summary
- Infinity Asset Management continues to hold HUB24 (HUB) as an overweight position.
- HUB24 declined 7.3% in September.
- No major announcements were made for HUB during the month.
- The sell-down is attributed to investors taking profits after a strong performance in prior months.
- Investor concerns regarding HUB's high trading multiple have contributed to the decline.
- Infinity Asset Management remains highly convicted in HUB as a long-term structural growth winner in the platform space.
- HUB is taking market share and increasing platform FUA due to enhanced technology and improved adviser efficiency.
- The company has recently come off a Q4 trading update and FY25 results that exceeded market expectations and demonstrated rapid growth.
LHC Capital
30 Sept 2025
$100.76
Summary
- LHC Capital continues to hold HUB24 due to its strong FY25 results, achieving key strategic objectives for future growth.
- HUB24 has demonstrated outstanding momentum, with a total shareholder return of 13.4% over the quarter.
- The company operates in a highly attractive industry, benefiting from Australia’s compulsory superannuation system and demographic trends.
- Despite a favorable backdrop, the advice industry has faced significant disruption and regulatory changes, leading to a decline in adviser numbers.
- Adviser numbers have dropped from more than 25,000 to fewer than 16,000 in the past seven years.
- This environment has favored independent wealth platform providers like HUB24 and Netwealth.
- Both companies enhance adviser efficiency and scalability, with strong and expanding demand for their products.
- HUB24 has ranked first for quarterly and annual net industry fund flows for six consecutive quarters.
- HUB24 recently surpassed Netwealth in market share for the first time, indicating strong competitive positioning.
- HUB’s market share of advisers has grown from 10% to 33% since 2020, with average funds under advice rising from approximately $7.5 million to $20 million per adviser.
- Contractual arrangements now cover 77% of all advisers in the market, indicating significant growth potential.
- The company’s scalable, fixed-cost platform model translates into high-margin revenue growth, supporting a robust long-term profit outlook.
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.
First Sentier Investors
31 July 2025
$106.72
Summary
- 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.
Hyperion Asset Management
31 July 2025
$106.65
Summary
- 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.
Contact Asset Management
31 July 2025
$106.65
Summary
- 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.
ECP Asset Management
31 July 2025
$106.65
Summary
- HUB24 Ltd (HUB) outperformed in July, showing strong performance in its wealth platform.
- Consistent material net inflows highlight ongoing market share gains.
- The market has shifted perspective on FUA growth concerns despite earlier volatility.
- Attractive margins and operating leverage are positively impacting HUB's outlook.
- ECP Asset Management continues to hold HUB as the investment thesis remains compelling.
Wilson Asset Management
31 July 2025
$106.65
Summary
- 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.
Glennon Small Companies
31 July 2025
$106.65
Summary
- 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.
QVG Capital
31 July 2025
$106.65
Summary
- 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.
DS Capital
30 June 2025
$89.17
Summary
- 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.
Glennon Small Companies
31 May 2025
$83.13
Summary
- 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.
Hyperion Asset Management
30 Apr 2025
$72.35
Summary
- 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.
Wilson Asset Management
31 Mar 2025
$68.22
Summary
- 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.
Contract Asset Management
31 Mar 2025
$68.22
Summary
- 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.
Montgomery Investment Management
20 Feb 2025
$82.99
Summary
- 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.
Hyperion Asset Management
31 Jan 2025
$80.65
Summary
- 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).
Wilson Asset Management
31 Jan 2025
$80.65
Summary
- 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.
QVG Capital
31 Dec 2024
$69.60
Summary
- 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.
Hyperion Asset Management
30 Nov 2024
$74.05
Summary
- 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.
Hyperion Asset Management
31 Oct 2024
$69.11
Summary
- 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.
Wilson Asset Management
31 Oct 2024
$69.11
Summary
- 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.
Ausbil Investment Management
31 Oct 2024
$69.11
Summary
- 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.
ECP Asset Management
31 Oct 2024
$69.11
Summary
- 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.
DS Capital
30 Sept 2024
$58.37
Summary
- 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.
QVG Capital
28 Feb 2024
$38.76
Summary
- 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.
Wilson Asset Management
31 Jan 2024
$37.30
Summary
- 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.
Contract Asset Management
31 Jan 2024
$37.30
Summary
- 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.
The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who is investing in Hub24 Ltd (ASX:HUB)?
Fund managers including Ausbil Investment Management, 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, Pendal Group, LHC Capital, Elston Asset Management, Ten Cap, Infinity Asset Management and Fidelity International have invested in Hub24 Ltd (ASX:HUB).
Why do fund managers invest in Hub24 Ltd?
Fund managers invest in Hub24 Ltd due to its strong financial performance and growth potential within the wealth management sector. The company has achieved record inflows and a 33% increase in funds under administration, highlighting its competitive position. With a robust balance sheet and management team, Hub24 is well-positioned to capture market share as the industry shifts towards independent platforms. Additionally, a growing adviser base and increasing average funds per adviser support long-term profitability and dividend growth.
What happened to Hub24 Ltd (ASX:HUB)?
Fund managers have invested in Hub24 Ltd due to its robust growth in the wealth management sector, driven by a strong platform attracting increasing numbers of advisers and significant net inflows. The company has consistently outperformed competitors, capitalizing on structural changes in the market and low penetration rates. Positive sentiment stems from its scalable business model, successful technology enhancements, and the ongoing shift towards independent financial advice. Despite market volatility, Hub24's financial results indicate high-margin revenue potential and a compelling long-term profit outlook.
What is the short interest in Hub24 Ltd (ASX:HUB)?
The short interest in Hub24 Ltd (ASX:HUB) is 1.59% which makes it the 165th most shorted stock on the ASX. Of the 81.8M shares that Hub24 Ltd has on issue, 1.3M have been sold short.
What does Hub24 Ltd (ASX:HUB) do?
HUB24 Ltd. engages in the provision of investment and superannuation portfolio administration and licensee services. It operates through the following segments: Platform, Tech Solutions, and Corporate. The Platform segment develops and provides investment and superannuation platform services to financial advisers, stockbrokers and accountants, and its clients. The Tech Solutions segment comprises of Class and HUBconnect. The Corporate segment includes property, strategy, finance, risk and compliance, legal, human resources, and other corporate services. The company was founded on April 13, 2007 and is headquartered in Sydney, Australia.
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