Praemium inflows drive FUA to $8bn
Praemium has announced that its record annual gross inflows of $3 billion, 50 per cent higher than the prior financial year, have helped drive funds under advice (FUA) to more than $8 billion.
At the same time, the firm said its combined quarterly gross inflows of $760 million were the third highest on record.
Of that, Australian gross inflows accounted for $556 million and international gross inflows, the fourth highest on record, stood at $194 million.
The result was helped by a number of key client wins and client renewals, which included signing Hartleys, a broking and wealth management firm, to the firm’s reporting and administration software to manage its client portfolios from July 2018.
According to Praemium’s chief executive, Michael Ohanessian, the June quarter was a standout for key client wins and a strong validation of the company’s technology and product breadth.
“We are particularly pleased with the record performance of our global SMA platforms for the financial year. Another inflow of $3 billion is a tremendous achievement, 50 per cent higher than the prior financial year,” he said.
“We are also excited about the year ahead, with key client wins to accelerate growth. With significant industry forces driving change, particularly in Australia but also across global markets, we are well placed to benefit from the move to transparent and efficient adviser and investment solutions.”
The firm also said it expected a growing pipeline of portfolio and SMA opportunities which would underpin future growth and would continue to enhance its position as the leading managed accounts provider.
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