Hub24 FUA grows by 89 per cent
Hub24 has reported its funds under administration (FUA) have hit $2.37 billion, following record inflows for the second quarter of 2015-16.
In a statement, the platform provider said the recent quarter saw gross inflows to its investment and superannuation platform of $403 million, up 78.3 per cent from the prior corresponding period.
The growth in FUA represents an 89 per cent increase for the 12 months to 31 December 2015. The results are due to increasing flows from long-standing licensees, in addition to significant inflows from newer licensees, the company said.
Hub24 managing director Andrew Alcock said, "It is pleasing to report another record quarter of growth in FUA for the business.
"In the past year, Hub24 has almost doubled its total FUA as a result of increasing support from our valued clients. We are excited about our ongoing product developments and have a promising pipeline of growth opportunities for the business that should sustain our growth trajectory."
In addition, Hub24 said it continues to invest in product development and staffing to support ongoing growth as the company looks to convert a strong pipeline of significant opportunities. During the quarter, the company said, it signed five new distribution agreements with licensees.
In December, Hub24 launched international managed portfolios on its platform, intended to enable investors to directly own international listed companies via professionally managed portfolios from more than 15 global markets across North America, Europe and Asia.
Two months prior, the company announced a new white-label partnership with Fortnum Financial Group involving the transfer of over $650 million to Hub24 in the second half of the 2016 financial year. The launch of the products is planned for February, the statement said.
"Our growth is underpinning Hub24's strong financial results and we are thrilled to be advancing towards a monthly cash flow positive position which we expect to achieve by March this year," Mr Alcock said.
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