Praemium Reports Full Year Net Inflows of $1.4 Billion and Record Platform FUA of $44.0 Billion
Praemium, a leading provider of platform solutions, has released its results for the year ending 30 June 2023, highlighting significant growth in net inflows and total funds under administration (FUA). The company's Australian business recorded exceptional performance, demonstrating its strong position in the industry.
Key Results for the Year to 30 June 2023:
Total funds under administration reached $44. 0 billion, a 9% increase from $40. 5 billion in the previous year.
The platform's FUA increased by 14% to $22. 2 billion compared to $19.
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5 billion in the previous year.
Praemium Separately Managed Accounts (SMA) experienced a remarkable growth of 19%, reaching $9. 6 billion.
Powerwrap, another segment of Praemium's platform, achieved a 10% growth to $12. 6 billion.
VMAAS, a non-custodial Portfolio Administration and Reporting Service, saw a 4% increase to $21. 8 billion.
Net inflows for the financial year amounted to $1,362 million, a decrease from $2,938 million in the previous year. Praemium SMA and Powerwrap contributed $865 million and $497 million in net inflows, respectively.
Market movements also played a significant role, with positive movements of $1,359 million for the financial year to 30 June 2023, compared to negative movements of $1,840 million in the previous year. These positive market movements represented approximately 7. 0% of the value of the Platform FUA as at 30 June 2022.
Notable Quarterly Highlights:
Praemium welcomed Richard Large as Chief Technology Officer in May. Richard's expertise in designing and implementing complex financial systems, coupled with his focus on technology strategy, will further enhance Praemium's industry-leading technology solutions. He has already conducted a review and update of the technology roadmap to strengthen the company's offerings.
In addition, Rachel Axton has been appointed as Chief Governance & Risk Officer, responsible for overseeing Praemium's Risk Management, Compliance, Company Secretarial, Legal, Outsourcing, and Supplier Management activities. Rachel's role is crucial in maintaining robust governance standards and effectively managing risks amidst the constantly evolving regulatory landscape of the financial services industry.
Praemium's strong performance throughout the year and its commitment to technology innovation and risk management solidify its position as a leading provider of platform solutions.
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