Hub24 has recorded its largest single quarter of net inflows, totalling $1.48 billion, driven in part by the transition of a large managed discretionary account (MDA) to the platform.
Net inflows to the end of the December quarter increased by 167.4 per cent compared to the prior corresponding quarter, rising from $554 million to $1.48 billion, off the back of the transition of Fitzpatricks Private Wealth’s in-house MDA, which contributed around half of the net inflows recorded by the listed platform provider.
Funds under administration reached $10 billion, an increase of 45.6 per cent compared to December 2017 ($6.89 billion).
Hub24 said its continued growth in inflows had moved the platform into second place overall for quarterly net flows and was the fastest rate of growth in the industry in percentage terms relative to its size.
Advisers using the platform increased 40 per cent, from 1040 in December 2017 to 1456 in December 2018, of which 137 advisers were introduced to the platform in the December quarter alone.
Hub24 also signed 10 new licensee agreements and launched six licensee-branded versions of the platform for advice businesses during that time.
The platform provider said that via its subsidiary operation – Agility Applications – it had been chosen as the platform provider for two large securities brokers, including Patersons Securities, during the December quarter, during which time it also added 77 new portfolios and 10 new portfolio managers to its investment menu.