- Hub24 has broken its record for cash inflows in the first quarter by reaching $1.24 billion
- Funds under management for the portfolio managers is now valued at $14.4 billion
- The company says performance is up due to a restructure of its approach
- Hub24’s share price is up 3.4 per cent today, currently sitting at $12.18 per share
Portfolio managers Hub24 has achieved record net inflows for the first quarter, recording a 94 per cent increase to $1.24 billion.
Currently, the company’s funds under management have reached $14.4 billion after a 57 per cent rise on the previous year.
According to the company, its platform is growing at the fastest rate in the industry. It is also ranked second for quarterly and annual net inflows in the Australian platform market, as detailed in the latest Strategic Insights data.
Throughout the June quarter, Hub24’s platform market also saw a rise from 1.3 per cent to 1.5 per cent.
The company’s advice business Paragem has finished onboarding 11 new practices. It explained it is “benefitting form the trend of advisers moving away from instrituions.”
Recruitment has begun to expand Hub24’s distribution team and to add another managed portfolio technology team to execute the company’s strategy.
Hub24’s share price is up 3.4 per cent at Friday’s market close. Shares in the company are currently trading at $12.18 apiece.