Praemium FUA surpasses $41bn in September quarter

Praemium has reported quarterly net inflows of $659 million in the September quarter, an increase of 115 per cent on the June quarter when net inflows reached $306 million.

In an ASX announcement this week, the firm reported total funds under administration (FUA) of $41.4 billion, up 2 per cent on the June quarter.

“The first quarter of the 2023 financial year has seen a welcome uplift in flows when compared with the relatively subdued second half of the prior year. Pleasingly, both Powerwrap and Praemium’s separately managed accounts (SMA) scheme are performing well,” said Praemium CEO Anthony Wamsteker.

“The SMA is our cornerstone product and highest revenue earning service. It achieved rolling annual net inflows of $1.8 billion, including $445 million for the quarter. Its rolling annual net funds flow represents 23 per cent of the starting FUA, an outstanding achievement,” Mr Wamsteker continued.

Having achieved its best flows result in three quarters, the CEO said Powerwrap’s performance “demonstrates advisers have embraced the necessary enhancements and integration implemented over the course of the prior year”.

The combined success of Praemium’s separately managed accounts scheme and Powerwrap saw its Australian platform FUA edge up to $19.98 billion in September, from $19.48 billion in June.

Net platform inflows for the September 2022 quarter were, however, partially offset by $159 million in negative market movements on FUA (negative $1.5 billion for the quarter to 30 June 2022). This, the firm said, broadly reflected the movement of the Australian equity market over the quarter.