Triple-digit gains for HUB24
HUB24 may have been criticised for its low level of female board representation this month, but this hasn’t stopped its share price rising by more than 100% over the past year.
Last week, the Australian Institute of Corporate Directors (AICD) identified HUB24 as the worst financial firm for female board representation as it had only one female director, Ruth Stringer, which represented 20% of the board. This figure was below the AICD’s 30% female board representation target.
Magellan, Janus Henderson, Westpac and Perpetual were also below the AICD’s target at 25%, 25%, 26% and 28.6% respectively.
However, financial technology firm HUB24’s share price was unaffected as it had seen returns of 139.7% over one year to 7 July, 2021, according to FE Analytics, versus returns by the ASX 200 of 25.6%.
It was held by funds such as Milford Dynamic, Hyperion Small Growth Companies and Aberdeen Standard Australian Small Companies.
The firm had benefitted from high adviser satisfaction, second only to Netwealth, while it also completed a transfer of $1.4 billion in funds under administration (FUA) from ClearView’s WealthSolutions Super, LifeSolutions Super and WealthSolutions IDPS for custody and administration.
In its company results for the first half of 2021, the firm said it had seen a 39% increase in group underlying net profit after tax to $7.5 million compared to the same period a year ago. Meanwhile, platform funds under administration also increased 39% to $22 billion and it set a new half-year record for platform net inflows of $3.1 billion.
AUTHOR
Laura Dew
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