Business News

Hub24 reports strongest third quarter

Hub24 today announced its net inflows were $595 million for the three months to 31 March 2018, a record for the company for the third quarter and 42 per cent higher than the prior corresponding period.

The figure represents the second highest quarterly inflow result ever for the investment platform provider.

Inflows were well spread across both new and existing advisers, reflecting the company’s high-quality service delivery and the ongoing investment in its sales and relationship team, Hub24 said.

It said 72 per cent of net inflows were received into its retail products and 28 per cent into white-label versions of the platform.

During the quarter, 96 new advisers were introduced to the platform across all licensees, while 17 distribution agreements were signed with new licensees.

Funds under administration reached $7.4 billion at 31 March, an increase of 58 per cent on the prior corresponding period.

Hub24 said its sales pipeline continues to strengthen across its platform and Agility business segments, particularly on the back of client-led development initiatives that will extend the company’s market leadership.

During the quarter, a new-while label version of the platform was launched for a private wealth licensee, with net inflows already commencing.

This new licensee will shortly commence using the firm’s next generation managed portfolio capability, expected to be launched to market in the coming weeks.

Hub24 also announced dealer group Paragem has now been part of the group for over three years and continues to grow, with 31 practices and 76 advisers servicing Australians with their financial planning needs.

The business founders will step away from the operational involvement over the next few months as Paragem co-founder Ian Knox takes on the role of chairman.

Knox will remain available to Paragem practice principals and will continue to be involved with the ongoing growth of the business as chairman, while co-founder Charlie Haynes will take on a new role in a different part of the wealth management industry.

Last year, Alcock told selfmanagedsuper Hub24 would continue to expand its product range for advisers to address SMSF portfolio needs.

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