Net inflows pick up at Praemium
Quarterly net inflows at Praemium increased 115% in the September quarter to $659 million.
In a quarterly update to 30 September on the Australian Securities Exchange (ASX), the firm said total funds under administration were $41.4 billion, up from $40.5 billion in the previous quarter.
Quarterly net inflows of $659 million were up 115% from $306 million in the June quarter.
This was pleasing news for the firm after it experienced “heightened uncertainty over inflation, labour availability supply chain vulnerability and global conflict” which subdued investment activity in the previous quarter.
However, they were down 47% from a year ago when net inflows were $1.2 billion.
Inflows on the Praemium separately managed account were $445 million, up 57% from the June quarter. Powerwrap inflows were $214 million, up 872% from the June quarter.
This brought total Australian platform funds under administration to $19.9 billion, divided between $8.4 billion in the SMA and $11.6 billion in Powerwrap.
Praemium said the positive net platform inflows were offset by $159 million in negative market movements on funds under administration, which reflected movement by the Australian equity market.
CEO, Anthony Wamsteker, said: “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”.
AUTHOR
Laura Dew
Recommended for you
First Sentier Investors has announced two key promotions in its leadership team, with a new global head of distribution and marketing and the newly created role of chief commercial officer.
Infinity Capital Solutions, part of Viridian Financial Group, has welcomed a second former abrdn executive to the newly created role of national distribution manager.
Online financial advice platform Otivo has made an internal promotion to chief advice officer to ensure the firm’s advisers are providing suitable and compliant advice.
The former chief product officer at Iress, Aaron Knowles, has joined software firm Bravura Solutions as it seeks to “scale new heights” in global growth.
