An Australian platform provider has posted a record strong start to the 2019 financial year, maintaining its position as the fastest growing platform provider annually.
HUB24, an investment and superannuation platform, has reported a quarter net inflow of $638 million, a record for a first quarter and up 19.3 per cent on the prior corresponding period.
Strong flows from existing advisers as well as new relationships have contributed to the quarterly net inflow, with 74 per cent of inflows being from retail products and 26 per cent from white label versions of the platform.
According to data from Strategic Insights, this result has allowed the company to maintain its position as the fastest growing platform provider on an annual basis both in percentage terms and as a ratio of net inflows to overall share of market.
The data also indicated that specialist platforms had overtaken traditional institutional platforms, and HUB24 said it was well positioned to continue to benefit from this trend.
Already in the first quarter, HUB24 has completed a national rollout of Fitzpatricks Private Wealth and added 39 portfolios to the investment options with 22 diversified options and 17 sectors specific portfolios.
The company announced the launch of its new Core investment options, which allows a broader range of clients in the market to select investments without using the full HUB24 solution.
The group also added ANZ OneCare Life as a new insurance option on the platform, bringing the number of insurers available to four.
Additionally, HUB24 announced a partnership with Challenger to provide Challenger Annuities with a joint development solution expected to be available during the second half of the financial year.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
The corporate regulator is set to release its FASEA transition plans in the coming weeks. ...
The regulator has released its climate risk guide for banks, insurers and super funds. ...
Advocates say that the new reforms will rebalance the super system. ...