Hub24 has announced its superannuation platform has exceeded $500 million in funds under administration (FUA), which it says is due to advisers “embracing” the platform.
Hub24 said after a “record September quarter”, strong net inflows into its investment and superannuation platform have continued into October, with total FUA standing at $1,105 million at the end of the month.
“The $500m milestone has been reached in just over two years since Hub24 Super was launched in June 2012 after applying Hub24’s platform technology to the personal superannuation offering,” a statement from Hub24 said.
“Growing popularity of managed portfolios with advisers and their clients has driven this strong growth which is also continuing in Hub24’s IDPS product,” the firm said.
“FUA in Hub Super has increased 168 per cent over the past 12 months whilst FUA into the IDPS offering has increased 76 per cent over the same period,” it said.
Hub24 chief executive Andrew Alcock said Hub24’s platform is being “embraced by advisers” who are committed to providing “the very best outcomes for their clients”.
“The shift towards managed portfolios to provide efficient, transparent and tax-effective investment administration is accelerating and we are experiencing rapid growth with many new advisers using our platform,” Mr Alcock said.
“Hub24 remains committed to extending our capability to further support advisers and their clients who value independence, choice and best of breed solutions,” he said.
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