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Investing.com-- Hub24 Ltd (ASX:HUB) shares hit a record high on Tuesday after the wealth management platform clocked strong inflows for its fiscal first quarter, while strength in equity markets also boosted its funds under administration.
Hub24 jumped nearly 9% to a record high of A$116.86, tracking a 0.8% increase in the ASX 200 index, which also hit a record high.
The wealth management platform said it clocked record-high quarterly net inflows of A$5.2 billion ($3.39 billion), which pushed its total funds under administration (FUA) to a value of A$146.5 billion as of end-September.
Retail users on the platform grew during the September quarter, and accounted for roughly 88% of Hub’s FUA, up from 85% a year ago.
A strong uptick in Australian markets also boosted Hub24’s FUA, especially as the Reserve Bank of Australia began cutting interest rates this year. The RBA’s cuts drove Australian markets to a series of record highs in recent months.
Hub24 said it will next provide an update at its investor day in November.