Hub24 FUA grows by 100 per cent
Platform provider Hub24 has reported its funds under administration (FUA) have hit $1.7 billion for the year ending 30 June 2015.
Announcing its financial results for the period, Hub24 said its FUA had increased by 100 per cent, up from the previous year's result of $854 million.
The platform provider also posted net inflows for the June quarter of $273 million, up 131 per cent on the previous corresponding period.
Hub24 said this result was driven by new advisers and licensees introduced to its platform.
"Flows from longer established adviser relationships remain strong and advisers using the platform have increased by 35 during the quarter," according to a statement from Hub24.
The company said it continues to have a "strong pipeline" of new business opportunities and has recently signed an agreement with a large independent licensee.
Commenting on the results, Hub24 managing director Andrew Alcock said its performance "validates" the company's continuing investment in platform development.
"We are in the unique position of providing both market leading managed account functionality and market leading wrap functionality within the one platform and having an exceptional user interface that supports adviser productivity and client engagement," he said.
"The recent update of our interfaces and the launch of SupportHUB have improved adviser and client service levels at the same time as providing further operational scale benefits during this period of rapid growth."
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