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
LGT Wealth Management is maintaining a neutral stance on US equities going into 2026 as it is worried whether the hype around AI euphoria will continue.
Tyndall Asset Management is to close down the Tyndall brand and launch a newly-branded affiliate following a “material change” to its client base.
First Sentier has launched its second active ETF, offering advisers an ETF version of its Ex-20 Australian Share strategy.
BlackRock has revealed that its iShares bitcoin ETF suite has now become the firm’s most profitable product line following the launch of its Australian bitcoin ETF last month.
