SEARCH
Praemium reports 'outstanding’ growth
Praemium reports 'outstanding’ growth
The firm’s funds under administration (FUA) have climbed above $40 billion.
Praemium has reported net inflows of $2.9 billion for the 2021-22 financial year, an increase of 92 per cent on the prior comparative period (pcp).
In an ASX announcement on Monday, the firm said it had experienced net inflows of $306 million during the June quarter, down 53 per cent from the pcp.
“Despite unsettled market conditions which have impacted all wealth management firms, Praemium delivered solid net inflows this quarter and strong annual net inflows,” commented Praemium CEO Anthony Wamsteker.
Total FUA of $40.5 billion was reported by Praemium, up 10 per cent on the pcp. Australia platform FUA lifted 6 per cent to $18.4 billion while the firm’s non-custodial portfolio administration and reporting service (VMAAS) rose 15 per cent to $21.0 billion.
“The Praemium Separately Managed Accounts (SMA) scheme is our cornerstone product and highest revenue earning service,” Mr Wamsteker said.
“The SMA added annual net inflows of $2.0 billion, and $284 million for the quarter. Its annual net funds flow represents 28.8 per cent of the starting FUA, an outstanding growth achievement.”
The firm noted that $306 million of net platform inflows in the June quarter were offset by $1.5 billion in negative market movements.
Praemium announced earlier this month that it had completed the £35 million ($61.1 million) sale of its international business to Morningstar and declared a fully franked special dividend of $0.05 per share equating to $25.6 million.
International FUA was $5.4 billion at the time of the sale, with annual flows of $1.2 billion unchanged on the previous year.
“The divestment of our international business allows us to focus on our strategy to become one of Australia’s largest independent specialist platform providers,” Mr Wamsteker said.
“We are fully committed to our advisers and their clients. We will grow these relations and our FUA by being focused on even better technology and service for the remainder of the year and on into 2023.”
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
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- 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
- Broker Daily Business 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
- 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
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Relative Return
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- 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
- Broker Daily Business 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
- 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
PODCASTS
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Relative Return
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show