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Praemium’s FUA up 23%

SMA platform Praemium's Australian business has seen its funds under advice (FUA) climb 23 per cent to hit $2.85 billion, despite challenging market conditions.

In a statement to the ASX this morning, Praemium also noted that its total FUA (including international business) had risen $4.5 billion as of 31 March 2016, a 23 per cent increase over the past 12 months.

Gross platform and managed fund inflows globally were $326 million for the March quarter.

Praemium CEO Michael Ohanessian commented: "Although lower equity market valuations impacted overall FUA and market volatility negatively impacted investor sentiment, we are pleased to be able to report higher FUA levels over the previous quarter despite this challenging environment."

Praemium has also seen its in-house investment proposition of SMA model portfolios and multi-asset funds grow to $428 million as of 31 March 2016, representing a 33 per cent increase over the prior comparable period.