Praemium passes FUM milestone

Publicly-listed financial services technology firm, Praemium has announced that funds under management (FUM) across its global platforms and funds has passed the $7 billion mark.

The company announced on Monday that FUM for the Australian business had reached $4.53 billion, while that for the international business had reached $2.49 billion.

It said this had been bolstered by $1 billion in FUM in less than six months following record inflows in the September quarter with continuing growth of existing clients and an increasing pipeline of new clients.

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Praemium chief executive, Michael Ohanessian said the company was delighted to have reached the milestone.

“The investment in growth, particularly in technology, product, sales and marketing, will see us deepen engagement with our existing clients as well as expand the addressable market beyond the rapidly growing separately managed account (SMA) segment,” he said.

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