Praemium expanding in UK, growing managed accounts
Listed platform Praemium’s half yearly results included an update about its UK business and its virtual managed accounts portfolios.
The virtual managed accounts had a strong uplift, contributing to platform revenue being up 22%.
Praemium’s Virtual Managed Accounts Administration Service now has $10 billion in funds under administration, compared to $387 million last year.
Praemium chief executive Michael Ohanessian said the rise of the firm’s Virtual Managed Accounts Administration Service FUA was “startling” and linked the growth to expansion into administering those portfolios on behalf of financial advice firms.
Global FUA for the platform surpassed $20 billion in the half year ending 31 December 2019.
The UK business enjoyed net revenue growth after product commissions of 7% with platform revenue up 25%.
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