And the Australia-headquartered, ASX-listed platform reported its best ever quarterly figures in its home market of A$587m, sayings its assets under administration had now exceeded A$6.6bn.
Praemium said its in-house investment management proposition of model portfolios and multi-asset funds grew to £440m (equivalent to $753m) as at 30 September 2017, representing a 53% increase in the past 12 months in local currency. The Smartfund range of multi-asset funds has reached £254m in FUA, a 217% increase in the past 12 months.
Record inflows
The record inflows follow a rocky time at the top of the business. chief executive Michael Ohanessian was ousted by the board in February amid what were said to be personality clashes with key directors, only to be reinstated a few months later after shareholders rallied in his support.
Ohanessian, who had been chief executive for six years before his sacking, said of the Q3 results: “The September quarter was a standout for Praemium. Inflows for the Australian business were particularly strong and reflect the continuing move in the platform market to managed account technology, where Praemium continues to be the market leader.
“We remain focused on accelerating our growth momentum; therefore, we have made the decision to invest in building the foundations of our business in preparation for this additional growth, particularly in technology, product, sales and marketing, and expanding our management depth.
“This investment in growth will see us deepen engagement with our existing clients as well as expand the addressable market beyond the small but rapidly growing SMA space. We believe this investment will deliver sustainable and long-term returns to shareholders.”
Founded in 2001, Praemium has offices in the UK, Jersey, Hong Kong and Australia. It launched its UK business in 2008 and last year acquired SIPP company Wensley Mackay Ltd.
