The online platform provider HUB24 has continued to grow quarter-on-quarter with the end of 2018 being the best yet for the company.
In the December quarter update announcement on the ASX, HUB24 posted a net inflow of $1.5 billion an increase of 167.4 per cent on the prior corresponding quarter.
Despite structural change and distraction across the industry the company has continued its upward trajectory and, according to Strategic Insights, is the fastest growing platform provider.
The Strategic Insights analysis of wrap, platform and master trust managed funds also listed HUB24 as the third-highest platform in terms of dollar inflows and second in terms of quarterly inflow.
The platform now has $10 billion in funds under management, up 45.6 per cent on December 2017 and has added 137 new advisers to the platform, an increase of 40 per cent on the prior quarter.
Over the December quarter the platform completed its largest transition to date by bringing Fitzpatricks Private Wealth in-house ahead of schedule.
In collaboration with Agility Applications, HUB24 was selected as the provider for Patersons Securities who advise on approximately $13.5 billion in CHESS-registered assets.
Over the past quarter, HUB24 was also successful in signing agreements with ten new licensees including AdviceIQ which has 30 representatives and Portfolio IQ, a collection of 25 smaller licensee businesses.
Over the next twelve months the platform will roll out ConnectHUB to a broader market after a successful pilot with several licensees while continuing to add more licensees to the platform.
The group will also continue to bring more portfolios to the market after an additional 77 portfolios and 10 portfolio managers were added to the platform last year.
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.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
Despite the Australian economy’s ongoing rapid recovery, an Australian equity head believes GDP growth will “fade” in 2022. ...