The addition of 38 new advisers using Hub24’s superannuation and IDPS platforms has contributed to its growth in funds under management for the first quarter of the financial year.
Hub24 has recorded an increase of 20.7 per cent from $853.8 million in funds under administration (FUA) in its first quarter results for the 2015 financial year, which it says has been due to increased adviser numbers using its platforms.
“There are now 38 active licensees using Hub24’s superannuation and IDPS platform and this is an increase of 11 since July 2013,” a statement from Hub24 said. “These new groups contributed $60m to the increase in FUA for the quarter,” the statement said. “The number of active advisers using the platform increased by 38 during the September quarter largely being authorised by HUB24’s white label licensees,” it said. Hub24 also said “major product initiatives” have been delivered during the first quarter. “The company has continued to extend the range of investment options available for advisers and their clients on HUB24 Super," it continued.“During the quarter, 19 managed funds and 13 managed portfolio options were added across a variety of managers, asset classes and investment styles.“Major product development initiatives were delivered during the quarter, including Non-Custody Asset Reporting, which allows advisers to consolidate non-custody cash and stock holding information into investor reports,” the statement said.
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