Praemium posts 17% FUA growth on back of Spectrum success

In an ASX announcement on Thursday morning, Praemium chief executive Anthony Wamsteker said the March quarter was “noteworthy” for strong inflows into Spectrum totalling $440 million and resulting in FUA of $513 million for the quarter.

“We are pleased with the ongoing interest in this product across the private wealth sector and have a strong pipeline for the remainder of 2025,” said Wamsteker.

Praemium’s overall funds under administration (FUA) stood at $62.3 billion at 31 March, up 17 per cent, with total quarterly net inflows of $364 million – with Spectrum bringing in the majority while OneVue and Powerwrap suffered setbacks of $130 million and $66 million, respectively.

Platform FUA climbed 24 per cent to $30 billion to 31 March, with Praemium’s SMA business up 10 per cent to $12.3 billion, Powerwrap up 2 per cent to $13.3 billion, and OneVue relatively flat at $4 billion.

Praemium announced the launch of Spectrum last year noting that it has been designed to meet the complex needs of high-net-worth (HNW) investors, giving advisers the tools to deliver a “truly holistic wealth management experience”.

At the time, the firm added that this new offering “sets a new standard for private wealth management” and reinforces its commitment to “delivering excellence and growing significant market share in this segment”.

“We are thrilled to launch Praemium Spectrum, as it brings together the breadth and depth of experience that Praemium has in servicing our private wealth clients, in a flexible structure that we believe no other platform can truly match,” Wamsteker said.

“With Spectrum’s ability to report on total wealth across custody and non-custody and deliver a comprehensive digital onboarding and service experience, our advisers are better equipped to cater to the increasingly unique requirements of their high-net-worth investor client base.

“This platform advancement embodies our commitment to empowering advisers with cutting-edge tools, seamless onboarding, and digitised investment management capabilities, enabling them to provide unparalleled services and achieve exceptional outcomes for their clients.”

The 2024 High Net Worth Investors report, released by Praemium in conjunction with Investment Trends in September, found that the HNW investor market has grown 8.7 per cent, from 635,000 in 2023 to 690,000 in 2024, and now manages $3.4 trillion in investable assets, up from $2.98 trillion in the previous year.

Despite the growth seen in this demographic, the report found that 58 per cent have unmet advice needs, up 15 per cent to 300,000 investors.