The HUB24 Ltd (ASX: HUB) share price is one share to watch on the S&P/ASX 200 (INDEXASX: XJO) this morning after a market update from the financial platform provider.
What did HUB24 announce this morning?
HUB24 posted a record first half net flows of $2.5 billion for the period ended 31 December 2019.
Quarterly net inflows rose 67% on the prior corresponding period (pcp) to $1,259 million with gross inflows of $1,668 million.
This brought first half net inflows to a record $2,497 million, up 79% on pcp (excluding the large institutional transition in December 2018).
The strong growth continues HUB24's positive momentum in FY20, as average monthly net inflows continue to climb.
Funds under administration (FUA) jumped 58% on pcp to $15.8 million, as at 31 December 2019. Management attributed the strong FUA growth to transition opportunities from new and existing adviser relationships. Organic flows from existing advisers and new business in the key account segment also helped boost its numbers higher.
The group's platform is also the fastest growing in the industry, according to the latest Strategic Insights data. HUB24 has reported a substantial 26% quarterly growth in number of advisers on the platform, with the company now boasting 1,841 advisers, compared to 1,456 advisers in December 2018.
How has the HUB24 share price performed this year?
The HUB24 share price has been one of a number of the ASX 200 climbing higher in 2020.
Shares in the adviser platform are up 7.30% to $11.91 to start the year. This continues the momentum from December 2019 when the group's shares hit a 52-week low of $9.89 per share.
HUB24 boasts a market capitalisation of $747.90 million and a net dividend yield of 0.39% per annum.
The group's shares remain 8.94% in the red over the last 12 months, despite the strong start to the year. However, the company's share price is still up an astonishing 1,238.20% in the last 5 years.
