Hub24 inflows climb 123%
Hub24 recorded net inflows of $363 million for the third quarter of the 2016 financial year, a 123 per cent increase over the prior corresponding period, according to a statement.
The increase takes the platform provider's funds under administration (FUA) figure to $2.7 billion.
"It is a very pleasing result given the March quarter is traditionally the weakest quarter for net inflows," a statement from Hub24 said.
"The result was achieved in the context of market volatility and challenging investor sentiment given a fall in the ASX200 by 13.7 per cent for the year ended 31 March 2016 and a fall of 4.2 per cent for the quarter."
Hub24 added that the FUA growth was an increase of 80 per cent over the prior corresponding period and stands at $2.8 billion.
In March, Fortnum Financial Group transitioned the first tranche of approximately $150 million within their managed discretionary account service to Hub24, with a further $450 million expected to be transitioned during the June quarter, Hub24 said.
Also during the quarter, Hub24 signed seven new distribution agreements with licensees and hired three new sales staff to support demand for the firm's leading investment and superannuation platform.
As reported by ifa in March, Hub24 announced a new white label partnership with Lifespan Financial Planning, with the service open to new investments from May.
Hub24 managing director Andrew Alcock said the firm is looking forward to working with Lifespan's network of representatives.
"We continue to experience strong demand for our wealth management platform, which offers leading-edge technology and broad and unbiased choice for independently-minded advisers," Mr Alcock said.
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