Praemium reports ‘record inflows’ in int’l biz, as FUA surpass £1bn for first time
Praemium, the Australia-based financial platform provider, said both its Australian and international businesses saw “record inflows” in the three months to the end of September, and that its international platform had for the first time seen its funds under administration (FUA) total surpass the £1bn mark.
Chief executive Michael Ohanessian said it was Praemium’s Jersey-based international business’s “best quarter ever”.
The company said record asset inflows, positive equity market movements and generally improved trading conditions during the September quarter had “lifted overall FUA past A$5bn and accelerated the rate of financial improvement across both our Australian and UK businesses”.
Companywide FUA have grown 35% over the last 12 months, comprised of 31% annual growth for the Australian business, to A3.3bn, and 46% on an annual basis for the international business, to A$.176bn, or £1.03bn.
In a statement, Ohanessian said the results showed that Praemium’s investment in technology and “commitment to service” had continued to “bear fruit for our UK and international business”.
He added that Praemium’s acquisition of Wensley Mackay, the Cumbria, UK-based provider of self invested personal pensions, announced in September, had progressed, and noted that it underlined the company’s “commitment to developing our pension proposition for the UK and international adviser markets”.
In its full-year results statement in August, Praemium reported a 72% leap in its profit, citing take-up by financial advisers embracing its separately managed account (SMA) platform technology. Revenue grew by 23% in the year to the end of June, to A$30.2m (US$23.15m, £17.9m), with a 25% rise in SMA funds held on its platform, to a total of A$4.8bn.