Praemium doubles profit, SMA hits $5.6bn

Australian and UK domiciled SMA provider Praemium has posted a net profit after tax of $1.4 million, up 106 per cent on 2016-17 figure of $688,000.

The company’s core service, namely SMA administration, has grown well in the past year. Praemium’s Australian SMA is up 45 per cent to $5.61 billion, and the international SMA is up 20 per cent to $2.68 billion.

Praemium has also added 23 new fund managers and a further 88 model portfolios, for a total of 72 managers and 336 managed models.

The company recorded gross asset inflows of $3 billion, an increase of 50 per cent on the previous financial year.

Overall funds under administration increased by 35 per cent to hit $8.3 billion, and undelying earnings before interest, tax, depreciation and amortisation (EBITDA) was $8.8 million.

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Source: Praemium doubles profit, SMA hits $5.6bn – InvestorDaily