• subs-bellGet the latest news! Subscribe to the ifa bulletin

Fortnum deal drives Hub24's record growth

Hub24 has reported record annual inflow growth of 102 per cent for FY16, thanks in part to a recent white-label deal with Fortnum Financial Group.

According to a quarterly business update issued to the ASX yesterday, Hub24 achieved a total annual retail net inflow of $1.6 billion for FY16 and increased total funds under administration by 122 per cent to $3.8 billion.

The increase follows the transition of $190 million in superannuation assets from Fortnum Financial Group in early June as part of a white-label deal.

The investment and superannuation platform also achieved positive earnings before interest, taxes, depreciation and amortization for the final half of FY16, and expects to report revenues of $42.6 million on a group basis.

The final quarter saw Hub24 sign eight new distribution agreements with licensees, introduce 89 new advisers to its platform and launch WealthGuard for Lifespan Financial Planning, following their partnership back in March.

“Our new business pipeline remains strong, with well-known licensees in advanced discussions regarding the use of Hub24’s white-label and retail platform offering,” Hub24 said.

“Hub24 continues to add additional international equities managers to its international managed portfolio capability and intends to offer direct investing in individual international shares during the next quarter.”