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 @HUBnews HUB24 reports record Q3 Inflows – FUA now $4.71b

HUB24 reports record Q3 Inflows – FUA now $4.71b

@HUBnews Corporate news

Net inflows were a record for the third quarter of the financial year reaching $418m and bringing the average monthly net inflows for FY17 to $124m, an increase of 22% over FY16 adjusted for the Fortnum transition. Having recently announced our first half year of profitability, these strong inflows will further build profit momentum as HUB24 continues to benefit from increasing scale.

Highlights

  • Quarterly gross inflows for Q3FY17 of $565m, an increase of 29% on pcp[1] and net inflows[2] of $418m, both being a record for the March quarter (Q3)
  • Retail Funds under Administration (FUA) are now $4.71b up from $4.16bn at 31 December 2016
  • HUB24 awarded best platform for Managed Accounts functionality[3]
  • HUB24 also awarded first place for User Interface, Tablet / Smartphone Access with the company winning three of the six available awards in the Investment Trends 2016 Platform Competitive Benchmarking Report
  • During the quarter HUB24 launched 2 new white labels, 8 new managed portfolios, 12 ETF’s and 24 managed funds. A new white label agreement for Accountable Financial Group was also signed
  • Paragem has recruited 3 new practices during the quarter adding $250m in licensee funds under advice to approximately $3.5b

Click here to view the full quarterly update.

 

[1] Prior corresponding period

[2] Net inflows represent gross inflows less outflows during the period and does not include market movement

[3] Investment Trends December 2016 Platform Competitive Benchmarking Report