Advice platform Praemium has recorded quarterly inflows of $558 million for the first quarter of the 2019-20 financial year.
Praemium’s funds under administration (FUA) also increased by 24 per cent to $20 billion, comprising $9.7 billion in administration of non-custody assets and $10.3 billion of custodial platform assets, according to a statement to the ASX.
Further, Australian platform FUA was up 28 per cent on last year to $7.5 billion, while international platform FUA was up 33 per cent on last year to $2.8 billion.
“We are delighted to report a number of key milestones this quarter, with platform inflows for the first time passing $1 billion in gross terms and $0.5 billion in net terms respectively,” said Praemium chief executive Michael Ohanessian.
“This record growth also drove FUA for our integrated managed account platform past $10 billion, another significant milestone.”
Mr Ohanessian also said he’s very pleased with Praemium’s progress since launching its fully integrated managed accounts platform in February this year.
“The ‘Welcome to the Upgrade’ campaign has succeeded in raising awareness of the benefits of our upgraded platform. Going forward we will continue to invest in developing our capabilities and telling our story,” he said.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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