Powerwrap FUA up $515m



Powerwrap has posted an increase of $515 million in inflows at the end of the June quarter from the March quarter despite expected net flows not occurring due to the COVID-19 pandemic and extreme market volatility.
In an announcement to the Australian Securities Exchange (ASX), Powerwrap’s funds under administration (FUA) was at $8.45 billion at the end of June 2020.
Over the year to 30 June, 2020, the firm’s FUA was up $351 million.
“It is currently expected that the slowdown in flows experienced over the quarter represents a delay in the previously expected rate of growth rather than permanently lost opportunities,” it said.
Powerwrap noted that it was cashflow positive for the quarter and there was $15.6 million in cash at the bank.
On 9 July, Praemium announced a conditional off-market takeover offer for Powerwrap.
Recommended for you
With wealth managers and advisers having minimal capacity for fund research, a BNY report has found simple alternatives strategies from established providers are those which resonate best with that audience.
Platinum Asset Management has seen its third major client withdrawal this year, flagging a large client will redeem $580 million by November.
ETF provider BlackRock has redefined its underlying investment strategy for the iShares Future Tech Innovators ETF and almost halved the management fees as it continues its local iShares product suite review.
Natixis affiliate IML has launched an active ETF aimed at retirees and income-focused investors, while Loftus Peak has unveiled a hedged version of its Global Disruption ETF.