Praemium Limited (ASX:PPS) reported a robust start to FY25, with total Funds Under Administration (FUA) increasing by 33% to $59.4 billion as of 30 September 2024, outpacing market expectations. This included a 30% jump in platform FUA to $29.0 billion. Praemium’s Separately Managed Accounts (SMA) continued to be a key driver, contributing $11.9 billion of the total.
The company’s recent quarterly results showed a marked recovery from earlier setbacks, particularly in its flagship SMA service, which posted net inflows of $165 million for the quarter. Powerwrap, however, continued to face net outflows of $60 million, although this was a significant improvement from the $437 million outflows reported in the previous quarter.
CEO Anthony Wamsteker highlighted the positive momentum, saying, “The September quarter was extremely pleasing. The strong growth in FUA and the successful launch of our Spectrum platform position us well for continued growth. We are particularly encouraged by the performance of our SMA service, which remains our cornerstone offering.”
Looking ahead, Praemium remains focused on leveraging its new Spectrum platform for high-net-worth clients and continuing to integrate its OneVue acquisition.