Boutique platform provider Hub24 has seen its funds under administration (FUA) rise by 84 per cent in the past 12 months to hit $3 billion.
According to a Hub24 statement, in addition to this FUA, the company is providing reporting services for $190 million of non-custody assets which commenced in May.
"This achievement demonstrates Hub24's ongoing and rapid growth, which is translating into strong financial performance," Hub24 managing director Andrew Alcock said. "We continue to roll out leading platform technology functionality and are increasingly attracting interest from larger customer groups and financial planning networks."
According to the company, this announcement follows three quarters of record gross inflows for Hub24 in the 2016 financial year.
Hub24's growth is spread across both the company's retail platform offering, accounting for 54 per cent of total FUA, and across licensee white label products.
"Flows into the platform are being generated from an increasing range of active licensees, including both long standing supporters and recently signed groups," the company said.
Stimulate new ideas. Stimulate new thinking. Top up your CPD and hear from industry experts with InvestorDaily’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD. Explore the knowledge centre Knowledge Centre now.
Despite the Australian economy’s ongoing rapid recovery, an Australian equity head believes GDP growth will “fade” in 2022. ...
The next financial year could see a “new record year” for dividends as the Australian economy continues its recovery from the COVID-19 p...