HUB24 increases FUA by 100 per cent
Platform provider HUB24 has recorded 100 per cent growth in its funds under administration (FUA) for the past year while quarterly new inflows increased by 131 per cent compared with the previous corresponding period.
In a release given to the ASX HUB24 stated that its current FUA stands at $1.7 billion at 30 June 2015, up 100 per cent on the same time last year while it also posted record quarterly net inflows of $273 million, up 131 per cent over the quarter.
HUB24 stated the record increase in net flows for the June quarter came via its retail platform offerings and licensee white label products with half of the net inflows coming from new advisers and licensees who have taken up use of the platform in the last 18 months.
The high inflow numbers were expected to continue with $28 million set to be transferred to HUB24 from 1 July 2015 as part of the launch of a new service for self-directed investors.
AUTHOR
Jason Spits
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