Superannuation and investment platform provider, HUB24 (ASX: HUB) has reached $3 billion in funds under administration (FUA), representing 84 percent growth in the past 12 months. In addition to this FUA HUB24 is providing reporting services for $190m of non-custody assets which commenced in May.
The announcement follows three quarters of record gross inflows for HUB24 in the 2016 financial year with the platform continuing to grow at the fastest rate in the industry relative to its FUA and having the 6th highest net inflows across the industry in Australia1. HUB24’s growth is well spread across both the company’s retail platform offering, accounting for 54% of total FUA, and across licensee white label products. Flows into the platform are being generated from an increasing range of active licensees including both long standing supporters and recently signed groups.
HUB24 has continued to enhance the product and technology features of its market leading platform and an example of this is the delivery international managed portfolios. This new capability provides advisers and their client’s direct access to international equities coupled with professional investment management. Advisers and their clients can achieve better outcomes when investing internationally using the same managed portfolio capability from HUB24 that has already revolutionised the way clients access our domestic market.
June is traditionally a strong month for inflows, and when combined with the transition of the bulk of the remaining Fortnum Financial Group’s funds, the company expects a strong end to an already successful financial year.
HUB24 Managing Director Andrew Alcock in commenting on the milestone said: “This achievement demonstrates HUB24’s ongoing and rapid growth which is translating into strong financial performance. We continue to rollout leading platform technology functionality and are increasingly attracting interest from larger customer groups and financial planning networks.
“We have an exceptional team and a standout product which is making a positive difference in the Australian wealth management landscape. The support we receive from our licensees, advisers and their clients is tremendous and we will continually innovate as we seek to deliver to them the most functional superannuation and investment platform.”