HUB24 adds 5 new portfolio managers to Discover platform

HUB24 has added managed portfolios from Dimensional, State Street, Russell, Infinity, and MLC to its Discover offer to give advisers and their clients more choices to support their financial needs and goals.

Launched in 2023, Discover is a cost-effective platform and investment solution designed for those with less complex needs, providing access to a range of passive, active and environmental, social and governance (ESG) investment options.

These new additions will join AZ Sestante, Betashares, BlackRock/iShares, Elston, Lonsec, Morningstar, Vanguard and Zenith, bringing the total number of managers on the Discover platform to 13.

HUB24 chief operating officer Craig Lawrenson said that, based on feedback from advisers, the firm has expanded its range of managed portfolios to 66, nearly double what was previously available.

“Demographic trends, such as intergenerational wealth transfer and ageing populations, are providing opportunities for advisers to evolve their advice proposition to meet the needs of a diverse range of clients,” Lawrenson said.

“Designed in conjunction with portfolio managers, Discover was developed in response to the growing demand from advisers seeking a cost-effective solution that offers choice and flexibility.”

Orbit Wealth principal adviser Jacinta Martin said Discover has been a “game changer” in helping the practice service a wider range of clients.

“It’s great for younger clients with simple needs who want the enhanced features of a wrap platform with unmatched choice and flexibility. It’s perfect for young accumulators who might have a smaller super and investment account,” Martin said.

“It’s also great for those clients who are either transitioning to retirement or in a semi-retirement phase and contributing to their superannuation account while holding an account-based pension.”

Meanwhile, Gretel Chiswell from Gretel Financial added: “Discover is user-friendly and cost-efficient, providing excellent investment diversification and seamless client accessibility.

“The HUB24 platform offers portfolio performance tracking against multiple benchmarks, making it a highly efficient, transparent and reliable solution for both advisers and investors.”

In February, HUB24 reported a 14 per cent increase in advisers using its platform compared with the prior corresponding period, bringing its total number of users to 4,886 as at 31 December 2024.

As part of its half-year results announcement, the firm also reported an underlying EBITDA of $77.6 million (up 41 per cent on 1HFY24), while its statutory net profit after tax of $33.2 million in 1HFY25 was up 54 per cent.

Total funds under administration (FUA) grew to $120.9 billion as at 31 December 2024, with platform FUA increasing to $98.9 billion, though the firm noted that this has since grown further to $102.6 billion as at 13 February 2025.