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Hub24 signs seven new licensees

By Aleks Vickovich
2 minute read

Platform provider Hub24 has pointed to new business from seven licensees as one of a number of factors in driving funds under administration and inflow growth.

In its December quarter update, released yesterday, the platform company announced record net and gross inflows of $189.7 million and $225.6 million respectively, while FUA increased more than 20 per cent to $1.03 billion.

Increasing business from financial planning dealer groups allowing their representatives to use Hub24 products is one of the key drivers of growth, the statement said, along with the integration of recent acquisition Paragem.

“There are now 45 active licensees using Hub24’s superannuation and IDPS platform and this is an increase of seven for the quarter,” the statement said.

“These new groups contributed $30 million to the increase in FUA. The number of active advisers using the platform increased by 37, evenly distributed across Hub24’s white label licensees and retail licensees. This represents an increase of 9.7 per cent over the past quarter.”

One of these unnamed licensees has elected to launch a white label, with agreements signed between the two companies in December 2014.

The figures come as Hub24 announces it has added ING Direct products to its platforms and is ranked third for overall functionality in the Investment Trends December 2014 Platform Report.