Praemium platform inflows rise 82% in the March quarter
Total net inflows onto the Praemium platform have risen 82% in the March quarter.
In an announcement to the Australian Securities Exchange (ASX) for the three months to 31 March, the firm said total net inflows had risen to $725 million, up from $398 million in the same quarter of 2021.
Year to date net inflows were $3.6 billion, up from $1.7 billion in the previous corresponding period.
Platform funds under administration rose from $21.2 billion to $26.3 billion with the amount coming from the Australian platform rising from $16.8 billion to $20.7 billion.
However, the firm said strong net platform inflows during the quarter were offset by the currency impact of a higher Australian dollar to pound sterling exchange rate and negative market movements. The impact of foreign exchange caused a loss of $354 million, the firm said.
Praemium chief executive, Anthony Wamsteker, said: “Net inflows have continued to grow strongly over the course of the current financial year. This shows Praemium is delivering on our strategy to become one of Australia’s largest independent specialist platform providers.
“It is also very pleasing to add a further $362 million into our highest revenue margin, the Praemium SMA scheme which is a record net inflow for a third quarter. We anticipate strong growth trajectory to continue with a healthy sales pipeline translating to FUA and revenue growth for the remainder of the financial year.”
AUTHOR
Laura Dew
Recommended for you
Advice firm Apt Wealth Partners has appointed Andrew Dunbar to lead the firm in its next growth phase, while former CEO James McGregor will step up as executive chair to focus on M&A plans.
The use of offshore service providers could be exposing clients to potential risks around confidentiality, operational disruption, or effective supervision, ASIC has warned financial advice licensees.
With the adviser education pathway deadline less than three months away, Padua Wealth Data is predicting a “very unstable last quarter” after three months of solid net growth and new entrants.
ASIC has banned the former CEO of Lighthouse Partners from providing financial services for 10 years after failing to report fees-for-no-service conduct, the second individual banning from this firm.
