Praemium inflows surge on HNW momentum, FUA hits $67bn

In a quarterly ASX update, the firm said total funds under administration (FUA) rose 13 per cent in the three months to 30 September, up to $67 billion.

Platform FUA was $32 billion, which included quarterly net inflows of $667 million, excluding OneVue.

“The results highlight Praemium’s strategic progress and strength of its product suite, positioning the business for continued growth in both custodial and non-custodial platforms,” it said.

It flagged investor-directed portfolio solution (IDPS) Spectrum had seen net inflows of $299 million, described by Praemium as being the “standout performer” for the platform. FUA rose from $2.4 billion in the previous quarter to $3.3 billion, which included $1 billion in new business inflows.

On its separately managed account (SMA) division, it saw net inflows of $237 million with FUA at $13.6 billion, while there had been a “stabilisation in adviser exits” on its Powerwrap offering, causing Powerwrap FUA to stand at $14 billion.

Regarding the OneVue acquisition, which was acquired from Iress in April 2024, some $474 million has been transferred over to Spectrum and $10 million to wealth reporting tool Scope+, and the final transfers are anticipated to take place in the December quarter.

“The September quarter was noteworthy for strong inflows to our IDPS solution Spectrum,” said Praemium CEO Anthony Wamsteker.

“We are pleased with the strong flows achieved this quarter, particularly from Spectrum IDPS solution and the solid performance of our SMA offering. These results reflect the strength of our product suite and the strategic progress we’re making across the business.

“While adviser transitions and OneVue asset transfers have impacted outflows in recent quarters, we’re seeing encouraging signs that these headwinds are easing. With sustained adviser interest and expanding engagement across both custodial and non-custodial platforms, we remain confident in our long-term growth trajectory.”

The platform noted that OneVue and Praemium provide investment platforms to Diversa Trustees, which had exposure to the First Guardian fund, including $176 million in YourChoice Super, $107 million in AUSPRAC Super, and $3 million in Praemium Super.

“During the quarter, a $286 million reduction in FUA was recognised in relation to First Guardian holdings. This is included in the $772 million net market movement for the September quarter. Praemium is focused on supporting members who have been impacted and working cooperatively with industry bodies and regulators, including ASIC, while the legal, regulatory and recovery processes continue,” it said.