HUB24 reports strong quarter
Publicly-listed platform provider, HUB24 has reported what it describes as a strong second quarter on the back of increased inflows and improved funds under administration (FUA).
The company reported net inflows for the period of $554 million which helped drive FUA to $6.9 billion as at 31 December, last year.
It said gross inflows for the quarter were 62 per cent higher than the prior corresponding period and represented the second highest inflow result for Hub24.
The company’s announcement to the Australian Securities Exchange (ASX) noted that 14 new licensees had signed distribution agreements during the quarter, representing significant growth opportunities.
It said included in the agreements were some significant boutique advice firms representing some 110 advisers nationally and total FUA, not currently held on the platform, of over $1.5 billion.
It also noted that Paragem had licensed an additional advice practices and now comprised 32 advice practices and 76 authorised representatives.
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