Hub24 posts record platform net inflows in Q2, FUA climbs 5%
Make us a preferred source
Make us a preferred source on Google
The news: Investment platform Hub24 reported platform net inflows of $5.6 billion for the second quarter, up 2% year on year.
The numbers: Platform funds under administration (FUA) climbed 5% during the quarter to $127.9 billion, marking a 29% rise year over year. Total FUA reached $152.3 billion as at 31 December, up 26% compared to a year earlier.
Hub24 signed 34 new distribution agreements and saw the total number of advisors using the platform rise 8% year on year to 5,277.
The context: The company said that record half-year inflows of $10.7 billion reflect its "continued market leadership, focus on delivering customer service excellence, and the strength of our relationships".
It also noted that demand from licensees and advisors continues to provide a strong pipeline of opportunities from new and existing client relationships.
The source: ASX
