Praemium CEO moves on from ‘board disruption’

Praemium chief executive Michael Ohanessian says he has put this year’s “board disruption” behind him after announcing the platform provider has reached $6 billion in funds under administration.

Platform provider Praemium has announced record inflows for the second quarter of 2017 as well as FUA of more than $6 billion for the first time in the company's history.

It has been a turbulent first half for the UK and Australian-listed software company, with chief executive Michael Ohanessian ousted by the board in February only to be reinstated after winning the backing of a majority of shareholders in May.

In a second quarter trading update posted to the ASX on Friday, Praemium announced it experienced record inflows of $554 million for the June 2017 quarter.

The majority ($364 million) was directed towards the Australian business, while $190 million (£113 million) went into the UK platform.

Total FUA for the global business is now $6 billion, up from $5.4 billion in December 2016.

Commenting on the result, Mr 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. This is a tangible validation of our underlying growth strategy.

"I’d personally like to thank all staff and management for their dedication and hard work this year. With the board disruption now behind us, we are all very focused on executing our strategy and delivering sustained growth."

 

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