The Hub24 Ltd (ASX: HUB) share price fell 2% on Monday after reporting a record first quarter.
Hub24 is an independent platform which offers data, reporting and software services to Australian stockbrokers and wealth management.
FY19 First Quarter Trading Update:
Hub24 revealed net inflows of $638 million for the quarter, which it said was 19.3% higher than last year’s first quarter. It also said that gross inflows were $935 million.
Funds under administration (FUA) reached $9.1 billion. Management noted that this represents growth of just over 50% compared to the figure at September 2017 and boasted of maintaining its position as the fastest growing platform on an annual basis.
The platform company pointed to further growth opportunities with Challenger Ltd (ASX: CGF) annuities, as well as Australia and New Zealand Banking Group (ASX: ANZ) OneCare Insurance soon to be launched.
Hub24 also pointed to additional advisers coming on-board as a positive sign, with 92 new advisers introduced to the platform and 18 new licensee agreements were signed. The company said:
“These new agreements and advisers underpin our strong new business pipeline which is also supported by an increased focus by AFSL’s and advisers to diversify their platform solutions.”
In the recent FY18 result, Hub24 reported revenue growth of 36%.
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