Powerwrap FUA up $515m
Powerwrap has posted an increase of $515 million in inflows at the end of the June quarter from the March quarter despite expected net flows not occurring due to the COVID-19 pandemic and extreme market volatility.
In an announcement to the Australian Securities Exchange (ASX), Powerwrap’s funds under administration (FUA) was at $8.45 billion at the end of June 2020.
Over the year to 30 June, 2020, the firm’s FUA was up $351 million.
“It is currently expected that the slowdown in flows experienced over the quarter represents a delay in the previously expected rate of growth rather than permanently lost opportunities,” it said.
Powerwrap noted that it was cashflow positive for the quarter and there was $15.6 million in cash at the bank.
On 9 July, Praemium announced a conditional off-market takeover offer for Powerwrap.
Recommended for you
Selfwealth has provided an update on the status of its scheme implementation deed with Bell Financial Group as well as whether rival bidder Svava remains in the picture.
Magellan Financial Group has reported its first half FY25 results while appointing a new chief financial officer and promoting Sophia Rahmani to chief executive.
Schroders Australia has launched two active ETFs and plans to further expand its listed range over the year ahead.
Platform Netwealth has reported its financial results for the first half of FY25, reporting an 80 per cent increase in net flows, with its CEO viewing a “huge opportunity” from private assets.
