By Matt Bell
Hub24 remains among the strongest performers on the ASX 200 in afternoon trade after the group delivered a record quarter of net flows.
Shares in the company were up by 2.8 per cent after rising more than 8 per cent at one stage. It comes after the investment platform group booked $5.6 billion in net inflows in the December quarter, up 2 per cent on the previous corresponding period.
Wilson Asset Management small to mid-cap deputy portfolio manager Shaun Weick was upbeat on Hub24 following its latest quarterly, adding that it outpaced expectations and could shift market share further in Hub24’s favour.
“HUB we thought it was a strong quarterly overall, with flows accelerating quarter-on-quarter, which was well ahead of consensus analyst expectations,” he said.
“We think the issues being faced by key competitors in relation to the collapse of the Shield and First Guardian funds are likely to see HUB continue to win a disproportionate share of flows going forward.”
Licensed by Copyright Agency. You must not copy this work without permission.
