SEARCH
Praemium profits soar over 60%
Praemium profits soar over 60%
The managed accounts provider has seen a "transformational" first-half result following its acquisition of high net worth platform Powerwrap.
Praemium’s global funds under administration (FUA) hit $34.3 billion in the first half – up 69 per cent – while net profit after tax soared 113 per cent to $3 million in the company’s 14th consecutive half of profit increase.
“The first half of FY2021 has been truly transformational for Praemium, with the completion of the most important acquisition in our 20-year history. The addition of Powerwrap positions Praemium as a major player in the fast-changing Australia wealth management landscape, and integration is progressing well,” said chief executive Michael Ohanessian.
Praemium’s Australian business saw revenue increase by 28 per cent on the first half of financial year 2020 to $25.4 million, with the inclusion of Powerwrap’s platform revenue of $6.9 million. Australian platform FUA increased 132 per cent, with revenue increase of 52 per cent to $16.9 million. Portfolio services revenue increased 9 per cent from the growth of VMA (Virtual Managed Accounts) and VMA admin portfolios.
An “increasing mix” of global clients across the UK, Europe, Middle East, Asia and South Africa has also seen FUA at the international business increase some 24 per cent over the past 12 months.
“2020 was a year of significant disruption and challenges. However, the strength and resilience of our people see us placed in a strong position going into the new calendar year. On behalf of management and the board, I would like to thank our hard-working team at Praemium for their dedication and focus in delivering on our strategic agenda this half and into the future,” Mr Ohanessian said.
About the author
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Center
- Investor Daily
- Lawyers Weekly
- Money Management
- Mortgage Business
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- Which Investment Property
- World of Aviation
EVENTS AND SUMMITS
- Accountants Daily 30 Under 30 Awards
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian Aviation Awards
- Australian Broking Awards
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Space Awards
- Australian Space Summit
- Better Business Summit & Awards
- Corporate Counsel Summit & Awards
- Cyber Security Summit & Awards
- Defence Connect Budget Lunch
- Defence Connect DSR Summit
- Fund Manager of the Year Awards
- ifa Excellence Awards
- ifa Future Forum
- Investor Daily ESG Summit
- Lawyers Weekly 30 Under 30 Awards
- Lawyers Weekly Women in Law Forum
- Mortgage Business Awards
- New Broker Academy
- Partner of the Year Awards
- REB Awards
- Reinnovate
- SME Broker Bootcamp
- SMSF Adviser Technical Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Law Awards
- Accountants Daily Podcast Network
- The Adviser Podcast Network
- Australian Aviation Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- Mortgage Business Podcast Network
- REB Podcast Network
- Relative Return
- The Smart Property Investment Show
- Space Connect Podcast
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
