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.
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