Praemium saw platform inflows of $1.1 billion for the December 2020 quarter, up 128 per cent compared to the same time last year, while global FUA increased 10 per cent to $34.3 billion. Quarterly platform FUA growth was also aided by a positive $1 billion in market movements.
“We have ended 2020 on a high…A 69 per cent year-on-year increase in global FUA is a fantastic result in a year of tremendous disruption,” said chief executive Michael Ohanessian.
“For the Australia business, the scale benefits from the acquisition of Powerwrap are evident. Post-merger integration initiatives are driving efficiencies and improving reach to existing clients and prospects alike. Our non-custody solutions continue to attract considerable interest as advice firms seek to outsource administration of their off-platform assets.”
Praemium has also expanded its client service capacity in Dubai to support growth in the Middle East, South Africa, and Asia, and is preparing for the launch of an alternative investments platform for strategic partner Qualis Capital, which will give sophisticated investors access to hedge funds, private equity, real estate and private credit funds.
“The outstanding performance of the business in the December quarter is a testament to the efforts of the Praemium team through a very difficult time. The efforts to strengthen our resilience, improve our efficiencies and enhance client support have placed us in a very strong position going into the new year,” Mr Ohanessian said.