Strong inflows from new clients combined with steady growth from existing ones saw Praemium record global quarterly inflows of $749 million and record Australian quarterly inflows of $587 million in the three months to September 2017.
In September quarter results released today, Praemium’s funds under administration (FUM) were recorded at more than $6.6 billon, after the firm’s highest ever quarterly inflow of $587 million.
The international business had a reported inflow of £97 million for the same period.
Commenting on the results, Praemium chief executive Michael Ohanessian said the firm was set to expand its management team for a restructure to accommodate the growth.
“The September quarter was a standout. Inflows for the Australian business were particularly strong and reflect the continuing move in the platform market to managed account technology,” he said.
“We have made the decision to invest in building the foundations of our business in preparation for this additional growth, particularly in technology, product, sales and marketing.”
Ohanessian said the September quarter figures included results from the progress of several agenda initiatives which included the inclusion of internationals securities in Australian separately managed account (SMA) platform model portfolios, and the development of a growth strategy for Praemium UK’s pension business.
“This investment in growth will see us deepen engagement with our existing clients as well as expand the addressable market beyond… the SMA space,” he said.
Praemium’s in-house investment management proposition of multi-asset funds and model portfolios also grew to £440 million in the three months to September 2017.
According to FE Analytics, the AMI Mixed Asset sector benchmark was returning 6.21 per cent at 29 September 2017.
