Australia-headquartered platform Praemium has recorded soaring net inflows for the first quarter of 2022 at A$725m (£412m, $543m, €494m).
This marks a staggering 82% increase from Q1 2021. The figure comprises A$446m for the Australian business – up from A$45m in the previous year – and A$279m for the international arm – down from A$353m.
Net inflows for the financial year to date rose 112% at A$3.6bn – which is made up of A$2.6bn for the Australian division (A$900m in Q1 2021), and A$1bn for the international business (A$800m in Q1 2021).
Total funds under administration (FUA) grew by 26% in the first three months of 2022 to A$47.7bn – a 28% increase for the international arm and a 23% rise for the Australian division.
The company, however, did not provide an update in its quarterly results on the status of the sale of Praemium International to Morningstar, which was announced in December 2021, and is expected to finalise either in Q2 or Q3 of 2022.
‘Healthy sales pipeline’
Anthony Wamsteker, Praemium chief executive, said: “We are delighted to report continued outstanding momentum this quarter with FUA levels of A$47.7bn (£27bn, $35bn, €32.6bn).
“Net inflows have continued to grow strongly over the course of the current financial year. This shows Praemium is delivering on our strategy to become one of Australia’s largest independent specialist platform providers.
“We anticipate this strong growth trajectory to continue, with a healthy sales pipeline translating to FUA and revenue growth for the remainder of the financial year.”
