Financial services company hits FUA milestone

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A financial services company has announced a new milestone in funds under management.

HUB24 said it has exceeded $2bn in FUA, with FUA growing 92% over the past 12 months. The company also saw its highest quarterly net inflows for the first quarter of FY16, with inflows of $337m.

HUB24 said the growth was spread across its retail and licensee white label products, as well as both longstanding and recently signed licensees.

The company said licensees who became customers prior to 30 September last year account for 81% of FUA and contributed to 61% of FUA growth over the year to 30 September 2015. Licensee groups who signed during the past year account for 19% of FUA and contributed to 39% of FUA growth.