Strong quarterly net inflows for the second quarter of the 2018 financial year have helped drive Hub24’s funds under administration (FUA) to $7 billion.
The platform provider’s quarterly business update revealed quarterly net inflows for the second quarter stood at $554 million, with gross inflows of $771 million.
The firm reported FUA of $6.9 billion at 31 December 2017, which now stood at $7 billion, up from $5.5 billion at 30 June 2017.
The results followed the release of new platform enhancements earlier this week, including a superannuation contributions tracker and an integrated records of advice (ROA) solution.
The second quarter figures represent the second highest inflow result for Hub24, following the record set in the fourth quarter of the 2017 financial year after regulatory change created increased superannuation activity across the industry leading up to 30 June 2017.
Gross inflows for the quarter were 62 per cent higher than the prior corresponding period, with new and existing advisers contributing to the strong flows, the firm said.
During the quarter, 76 new advisers were introduced to the platform and 27 new managed portfolios were established, covering investment styles across seven managers.
Hub24 also signed 14 new distribution agreements, including with boutique advice firms representing around 110 advisers nationally and total FUA, not currently held on the platform, of over $1.5 billion.
The firm also said non-aligned dealer group Paragem had licensed an additional advice practice and now comprised 32 advice practices and 76 authorised representatives.