On Wednesday, HUB24 announced that it achieved record second-quarter net platform inflows of $3.6 billion, including $349 million transferred from externally administered legacy private label IOOF to the wealth giant’s private label, Rhythm Super, which is administered by HUB24.

Total Funds Administered (FUA) as of December 31, 2021 is reported to be increased to $68.3 billion, while platform FUA was confirmed at $50 billion (up 128 percent on a pcp basis).

Portfolio, Administration and Reporting Services (PARS) also reached $18.3 billion.

"HUB24 achieved consistent growth with this result after three consecutive record quarters for net inflows and record net inflows in 2011," it said in a statement released Wednesday.

“Our market leadership position and focus on delivering innovative solutions to support our clients' needs continues to resonate with consultants and their clients.

"28 new distribution agreements were signed this quarter, including new agreements with self-licensed advisors and practices that are part of advice aggregators."

The results come after HUB24 announced updates to its acquisition deal with Class, originally announced in October, which included an increase in the cash consideration payable by HUB24 from $0.10 to $0.125 per Class share.

Class shareholders have been issued with a scheme booklet and are now scheduled to vote on the proposal on 31 January 2022.

Meanwhile, HUB24 said its integration with Xplore is "tracking the plan" and is expected to be completed in late 2022.

Neil Griffiths

Neil is deputy editor of wealth titles including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.