Praemium has recorded a new high in total funds under administration (FUA) of $41.7 billion, helped by record levels across all global segments for the June 2021 quarter, it said in an announcement to the Australian Securities Exchange (ASX).
At the same time, the company posted record quarterly inflows of $1.2 billion, with $820 million for the Australian platform, which represented a 201% increase year-on-year and a 166% increase for the consolidated Praemium and Powerwrap, and $389 million for the international platform.
Th firm also reported that its Australia platform FUA ($18.4 billion) demonstrated a 223% growth and were 30% up for the consolidated Praemium and Powerwrap while international platform FUA, which stood at $5 billion, represented a 55% growth.
“The 2021 financial year was a year of transition for Praemium. The acquisition of Powerwrap was a significant milestone, and the post-merger integration initiatives are enhancing our service and functionality for clients,” Praemium’s chief executive, Anthony Wamsteker, said.
“The merged group is one of Australia’s largest independent specialist platform providers and when VMA portfolios are included, there is now over $170 billion in funds administered on our technology.
“Praemium has a solid pipeline of opportunities to support future growth.”