On Tuesday, 19 April, Praemium reported quarterly net inflows of $725 million in the latest quarter, up 82 per cent from the previous corresponding period (pcp) of $398 million.
$446 million of that figure came from Australia, while the remaining $279 million came internationally.
Financial year-to-date net inflows also surged from $1.7 billion in March 2021 to $3.6 billion, an increase of 112 per cent.
Praemium also confirmed total funds under administration (FUA) of $47.7 billion, which was yet another increase for the company, up 26 per cent from $37.9 billion last year.
CEO Anthony Wamsteker said on Tuesday that he was delighted with the results, saying that it shows Praemium is delivering on its strategy to become one of the biggest independent specialist platform providers in Australia.
“It was also very pleasing to add a further $362 million into our highest revenue margin product, the Praemium SMA scheme, which is a record net inflow for a third quarter,” Mr Wamsteker said.
“We anticipate this strong growth trajectory to continue, with a healthy sales pipeline translating to FUA and revenue growth for the remainder of the financial year.”
Mr Wamsteker added that Praemium remains committed to assisting advisers in key areas, including managed accounts and non-custody solutions.
The news comes after Praemium announced record FUA of $49 billion in February.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
