HUB24 reports record Q3 inflows
Investment platform, HUB24 has reported record inflows for the March quarter, with funds under administration (FUA) now standing at $4.71 billion.
It said the strong inflows would further help build profit momentum, after the company announced its maiden profit in February.
Gross inflows were up 29 per cent on prior corresponding period, to $565 million while net inflows stood at $418 million, bringing the average monthly net inflows for FY17 to $124 million. It was an increase of 22 per cent over FY16 adjusted for the Fortnum transition.
HUB24 said that during the quarter it launched eight new domestic managed portfolios together with 12 new exchange traded funds (ETFs) and 24 managed funds.
Also, it launched two new white labels and signed a new white label agreement for Accountable Financial Group.
In early January, the firm completed the acquisition of Agility Applications, which is a specialist technology services provider to the financial sector with a focus on the stockbroking sector.
At the same time, Paragem attracted three new practices, adding $250 million in licensee funds under advice to approximately $3.5 billion.
HUB24 said it supported the largest number of managed portfolios on a full wrap platform and progressed further managed portfolios to support new and existing licensee relationships.
AUTHOR
Oksana Patron
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
