HUB24 sees record inflows for Q4FY17
Platform provider HUB24 has seen net and gross inflows reach an all-time record for Q4FY17, standing at $841 million and $1,090 million, respectively, thanks to regulatory superannuation changes and the realisation of long-term sales opportunities.
The quarter also included the transfer of $85 million in funds under administration (FUA) for a managed discretionary account (MDA) operator.
According to HUB24, FUA rose to $5.5 billion up from $4.65 billion, as of 31 March, and saw an increase of $2.2 billion or 66 per cent for the year.
Also, the company managed to sign distribution agreements with 21 new licensees and 115 new advisers were introduced to the platform.
HUB24 said that it launched 21 new managed portfolios and 104 managed funds onto the platform while at the same time the average FUA per adviser also increased.
“With FY17 being our first year of profitability these strong inflows are expected to build further profit momentum as HUB24 benefits from increasing scale,” the company said.
AUTHOR
Oksana Patron
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