Platform provider exceeds $3b in FUA

HUB24 has reached $3 billion in funds under administration (FUA) thanks to a growth of 84 per cent in the last 12 months.

The announcement of these latest figures comes after nearly four years of steady growth with the last three quarters recording record gross inflows for the 2016 financial year, growing at the fastest rate across the industry relative to its FUA.

According to statistics from the investment and superannuation provider, there was around $900 million in FUA in June 2014, which surged to $1.8 billion the following June.

HUB24's growth is spread across both the company's retail platform offerings, accounting for 54 per cent of its FUA, and its licensee white label products.

Inflows into the platform are being increasingly generated by a range of active licensees from a range of both long term collaborators and newly signed partnerships.

HUB24 managing director, Andrew Alcock said his team were making a positive difference in the Australian wealth management landscape and would continue the current growth pattern.

"We have an exceptional team and a stand out product…this achievement demonstrates HUB24's ongoing and rapid growth which is translating into strong financial performance," he said.

"We will continuously innovate as we seek to deliver."

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