This compared to outflows of $414 million in the June quarter as a result of transitioning advisers from Powerwrap.
Net platform inflows were supported by $837 million in positive market movements.
The Praemium separately managed accounts (SMA) saw inflows of $165 million, up from $149 million, and OneVue saw inflows of $34 million compared to outflows of $126 million in June.
Powerwrap continued to see outflows but at $60 million, far less than the $437 million reported in June, which Praemium attributed to new clients and strong inflows from incumbents which offset departing advisers.
OneVue was acquired by Praemium from Iress earlier this year and the firm said it has grown from $4.1 billion at the time of the acquisition to $4.2 billion and that it was “on track” with synergy realisation, technology and product transitions.
Total funds under administration were $59.4 billion, up from $57.3 billion in the previous quarter and $44.5 billion a year ago.
Chief executive Anthony Wamsteker said: “The September quarter was extremely pleasing. We are well placed for further growth with the launch of Spectrum, our next-generation investor directed portfolio service (IDPS).”
Regarding the improvement in Powerwrap outflows, Wamsteker said it had gained $40 million from a newly added advisory group.
“Powerwrap’s non-systemic outflows, associated with transitioning advisers, were largely offset by much improved net flows from a range of incumbent clients, as well as $40 million from a newly added advisory group.
“Powerwrap’s gross outflows from transitioning advisers were approximately $1 billion for the most recent financial year and continued at that rate in the quarter to 30 September.”
“Absent any further adviser movement, it is currently estimated to continue at a similar rate for at least another quarter. Over the long term, Praemium and Powerwrap clients have typically grown their businesses at strong rates. This should ameliorate the negative impact of the transitions which might arise from the known adviser exits.”
