Praemium reports strong international inflows
Praemium has reported the second highest inflows of $465 million in March, boosted by record inflows for the international business and increasing contribution of new clients.
Quarterly inflows for the international business amounted to $184 million and, at the same time, inflows for the Australian business grew by 29 per cent counting year-on-year and reached $281 million.
Praemium said that in Australia quarterly inflows remained strong despite the quieter holiday period and funds under administration (FUA) in Praemium’s retail superannuation separately managed accounts (SMA) were up 13 per cent from the previous quarter.
The company also said the Australian business managed to sign up a number of new clients and expanded its platform functionality.
The record international inflows were powered by the increasing contributions of new clients, with 21 per cent of on-platform inflows coming from 10 new firms signed up in 2017.
The board stressed that it was pleased with a smooth transition of Rob De Luca into the role of chief executive.
The company sourced De Luca as its interim CEO last month after it terminated the employment contract of his predecessor, Michael Ohanessian.
“Praemium’s underlying business is performing well. We have a solid pipeline of opportunities to support growth,” De Luca said.
“We are focused on transitioning new clients, while providing excellent support to our existing client base.”
At the end of March, total FUA stood at $5.68 billion and comprised $3.68 billion for the Australian business and £1.22 billion, or an equivalent of $2 billion, for the international business.
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