Hub24 Ltd (ASX: HUB) shares are up 4% this morning after announcing its platform has reached the $10 billion milestone.
Hub24 is an Australian financial technology business that creates portfolio management and Superannuation software. Founded in 2007, you can think of Hub24’s software as a way to better manage investments in shares and other assets. HUB24 has a strong management team with decades of experience within the wealth management industry and in the development of platforms.
Hub24’s $10 billion milestone
At 31 December 2018, Hub24 reached a funds under administration (FUA) milestone of more than $10 billion.
Six months ago at the end of FY18 it had $8.3 billion of FUA. Hub24 said it is “continuing to experience strong growth and maintained the fastest rate of growth in the industry in percentage terms relative to its size. Strategic Insights places Hub24 in second place for quarterly net inflows at 30 September 2018.
Over the past three years Hub24 has grown the number of advisers using the platform from 556 to 1,456.
The Royal Commission has caused disruption, but it has helped the independent platforms grow faster like Netwealth Group Ltd (ASX: NWL) and Praemium Ltd (ASX: PPS) .
Hub24 Managing Director Andrew Alcock said:
“In the midst of structural change and much distraction across the industry we have maintained momentum with advice networks and individual practices continuing to choose Hub24 because of our commitment to constant innovation, market-leading technology and superior customer service.”
Hub24 isn’t the only ASX share that’s growing at a fast pace, the shares outlined below in the free report are two others that could be worth a place on your watchlist.
FREE REPORT: 2 Fast Growth ASX Small Caps For 2019
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