Advisers flock to Hub24 platform

Announcing its quarterly results yesterday, Hub24 said there has been a 36 per cent growth in the number of advisers using its platform over the past 12 months, growing from 383 advisers in September 2014 to 522 in September 2015. 

Hub24 managing director Andrew Alcock said Hub24 is fast becoming the "platform of choice for independently minded advisers".

"We have the most functional managed portfolio and SMA platform on the market with the largest number of portfolios available," he said. 

Along with this growth, Hub24 also said it has a "strong pipeline" of new opportunities and is in "advanced discussions" with several potential licensees.

"During September [2015], two new IDPS and superannuation white label offerings for Infocus Wealth Management Group were launched," a statement from Hub24 said.

"Hub24 also significantly expanded its broad and unbiased choice of investments with the addition of 15 new ETFs and 18 managed funds in the IDPS product throughout the quarter, in addition to 10 new ETFs and 22 managed funds on offer through its superannuation platform."

The statement added: "This reflects the company's ongoing commitment to provide independently minded advisers with full choice and flexibility in order to meet the individual needs of their clients."

The platform provider also announced it has reached $2.05 billion in funds under administration as of 12 October 2015.

Throughout the first quarter of the 2015/2016 financial year, Hub24 also said it has recorded its highest quarterly net inflows of $337 million.

"This follows three quarters of record gross and net inflows for Hub24 in the 2015 financial year," the statement said.

At the same time, the company is still considering an offer  by financial services giant IOOF to purchase 100 per cent of its shares.