HUB24 (ASX:HUB) is pleased to announce that it has exceeded $500 million in Funds Under Administration (FUA) in HUB24 Super, the personal superannuation offering of the HUB24 platform. Following a record September quarter, strong net inflows into HUB24’s investment and superannuation platform have continued into October with total FUA standing at $1,105m at the end of the month.
The $500m milestone has been reached in just over 2 years since HUB24 Super was launched in June 2012 after applying HUB24’s platform technology to the personal superannuation offering. HUB24’s unique platform technology offers market leading managed portfolio functionality and the broadest range of portfolios available through a full featured wrap platform in the market today. The growing popularity of managed portfolios with advisers and their clients has driven this strong growth which is also continuing in HUB24’s IDPS product with 43% of the member assets within HUB24 Super and 45% of assets within HUB24 IDPS being invested in managed portfolio investment options. FUA in HUB Super has increased 168% over the past 12 months whilst FUA into the IDPS offering has increased 76% over the same period.
HUB24 continues to build technology to help advisers, stockbrokers and accountants deliver superior outcomes for investors. The company recently completed significant developments including Non-Custody Asset Reporting which allows the consolidation of non-custody stock and cash holdings to be included in comprehensive investor reporting via integrated data feeds.
Andrew Alcock, in commenting on the milestone stated “HUB24’s market leading platform is being embraced by advisers who are committed to providing the very best outcomes for their clients. The shift towards managed portfolios to provide efficient, transparent and tax effective investment administration is accelerating and we are experiencing rapid growth with many new advisers using our platform”.
“We are pleased to be able to provide such compelling products and by leveraging our technology for a retail superannuation offer we are filling a gap in the market. HUB24 remains committed to extending our capability to further support advisers and their clients who value independence, choice and best of breed solutions”.
We would like to take this opportunity to thank all clients, shareholders and employees for helping us reach this important milestone.
For further information please contact:
Andrew Alcock
Chief Executive Officer
HUB 24 Limited
Telephone +61 2 8274 6000