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HUB24 posts record inflows for June quarter

Platform provider HUB24 has released its June quarter update which shows record net inflows of $117.7 million off the back of white-labelling demand from licensees.

HUB24 outlined that its net inflows for the June quarter are due to its existing client base, and new flows from the white label IDPS & Super versions of the platform launched in December 2013 for Premium Wealth Management, Interprac and Total Financial Solutions.

However, HUB24 chief executive Andrew Alcock said the firm wants to continue to deliver business improvements by leveraging existing advisers and their clients, securing new dealer groups and white label arrangements and investing in its platform technology.

“Continued investment in technology, funds under management and operational efficiency has materialised in positive gross profit for the quarter,” Mr Alcock said.

HUB24’s strategy is succeeding since its monthly average net flows have increased from $19 million to $32.8 million over the past financial year, he said.

He added that the positive gross profit recorded, along with growth in the number of advisers using the platform together with growth in funds under management, are evidence of HUB24’s strategies succeeding.

HUB24’s funds under management saw an increase of 122 per cent from $384.6 million to $853.8 million over the past financial year.