Praemium reports 69% growth in FUA for 1H21

Praemium has reported a record growth of 69% in funds under advice (FUA) to $34.3 billion for the half-year ending 31 December 2020 while its net profit after tax (NPAT) stood at $3 million, representing a 113% increase on H1 FY2020.

The company also saw record platform FUA of $20.3 billion, which represented a 99% growth, of which Australian platform FUA accounted for $16.4 billion and international platform FUA accounted of $3.9 billion, representing a 132% and 24% growth, respectively.

Also, the Australian business saw revenue increase of 28% on the first half of FY2020 to $25.4 million, with the inclusion of Powerwrap’s platform revenue of $6.9 million.

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Source: Praemium reports 69% growth in FUA for 1H21 | Money Management