HUB24’s funds under administration now at $7 billion

Company News

by Kathy Skantzos

Investment and superannuation platform HUB24 (ASX:HUB) has reported its funds under administration is now at $7 billion after a strong performance in the second quarter.

This is up from $5.5 billion in the June 2017 quarter, and from $6.9 billion at the end of the December 2017 quarter.

The company reported net inflows of $554 million for the December quarter, due to strong flows from new and existing advisers.

Average funds under administration per adviser increased to $6.6 million.

HUB24 signed 14 new distribution agreements during the quarter, and said its sales pipeline continues to strengthen across the HUB24 platform, Paragem and Agility business segments.

Shares in HUB24 (ASX:HUB) are trading 5.5 per cent higher at $11.61.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.