Praemium’s FUA surpasses $6bn
Praemium has reported a record quarter which saw funds under management (FUA) surpassing $6 billion, with quarterly inflows across its global platforms reaching $554 million and inflows for the Australian business standing at $364 million.
The company said the 2017 financial year saw increasing adoption of the Australian separately managed account (SMA) platform, with a 41 per cent increase in investor accounts and 71 new model portfolios added.
FUAs in Praemium’s retail superannuation offering, SuperSMA, reached $657 million and comprised 17 per cent of the Australian SMA platform, up from 15 per cent in the previous quarter.
Also, the international business saw record inflows of $190 million, driven by the success of the UK platform and its individually managed account (IMA) service that was launched in late 2016.
Globally, annual inflows saw a 24 per cent increase over the prior financial year, driven by the SMA platform as well as the expansion of the sales, marketing and implementation resources.
Praemium’s chief executive, Michael Ohanessian, said: “The business has accelerated its momentum across the year, with strong growth within the Australian business and a step change in the international business”.
“We are obviously delighted to report record asset flows this quarter,” he said.
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