HUB24 passes $10b FUA milestone

Publicly-listed investment and superannuation platform provider, HUB24 has passed the $10 billion funds under administration (FUA) milestone.

The company announced to the Australian Securities Exchange (ASX) that the milestone had been reached as at 31 December, last year, and is now claiming overall second place for quarterly net inflows.

It said that despite challenging financial markets, the platform had continued along a strong growth trajectory in the first six months of the current financial year driven by strong flows from both existing advisers and new relationships.

The announcement said that since 31 December, 2015, HUB24 had grown from $2.4 billion in FUA on platform to $10 billion today and that the number of advisers using the platform had increased from 556 to 1,456.

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Commenting on the achievement, HUB24 managing director, Andrew Alcock said the firm was delighted to have maintained its position as have the fastest growth rate in the market.

“In the midst of structural change and much distraction a ross the industry we have maintained momentum with advice networks and individual practices continuing to choose HUB24 ,” he said. “In many cases our clients are moving away form relationships with incumbent platform providers and transitioning FUA to HUB24.”

Alcock noted that in the 2018 financial year the company had signed several new white-label platform agreements including one with Fitzpatricks Private Wealth which in early December successfully transitioned $725 million in FUA from their in-house managed discretionary account (MDA) solution to HUB24.