Praemium funds under management reached a new record for the March 2021 quarter amidst a “busy period” for its Australian platforms.
Praemium saw record funds under administration (FUA) of $37.9 billion for the March 2021 quarter, up 11 per cent in the quarter and 96 per cent compared with March 2020.
“Praemium has doubled in size over the past year. Despite the pandemic, the past 12 months have been the most transformational in our story thus far,” said CEO Michael Ohanessian.
“We continue to build scale and capability … Our ability to service managed accounts either on or off platform is an important differentiator in delivering a holistic wealth management service.”
Net platform inflows were $801 million for March 2021 quarter, while Australia platform FUA was up 224 per cent to $16.9 billion and international platform FUA was $4.4 billion.
“In Australia, research indicates that over 20 per cent of wealth sits ‘off-platform’ and is hence a huge admin burden for advice businesses. The rapid growth of our off-platform administration service is a testament to the significant opportunity for Praemium to meet this largely un-met need,” Mr Ohanessian said.
“We have opened a new office in Edinburgh to support growth for our International platform. As a cluster for fintech service expertise, Edinburgh is a logical centre from which we can successfully onboard a rapidly expanding sales pipeline.”
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