Boutique investment platform provider Hub24 has seen its funds under administration grow to $6.1 billion in most recent quarter, up 11 per cent.
In a quarterly business update, Hub24 said its gross inflows of $733 million for the first quarter of 2017-18 was “the second highest result for Hub24”.
Quarterly net inflows for Hub24 were $535 million, up 46.2 per cent compared with the prior corresponding period.
The final quarter of 2017 saw Hub24’s market share of funds under administration grow from 0.62 per cent to 0.72 per cent.
The finalisation of the acquisition of financial advice licensee Paragem also saw 4,256,991 HUB ordinary shares issued on 10 October 2017.
According to the update, Paragem “continues to experience increased interest in this segment as practices look to unwind from institutionally owned relationships and access the benefits of the managed accounts”.
Since the acquisition, 10 financial planning practices and 18 advisers have joined onto Paragem.
“Across the market we are observing an increasing number of advisers becoming self‐licensed or joining more flexible dealer groups as demonstrated by Paragem recruiting five advice practices during 2HFY17,” the update said.