Praemium’s year to date net inflows exceed $1.2 billion

ASX-listed fintech Praemium has reported on its funds and flows for the nine months to 31 March 2023, with total funds under administration (FUA) now sitting at $43.7 billion, up 8% from $40.5 billion at 30 June 2022.

Financial year to date net inflows of $1,239 million (financial year to 31 March 2022: $2,632 million).

Net platform inflows for the financial year to 31 March 2023 were augmented by $1,002 million in positive market movements, including positive $581 million for the quarter to 31 March 2023. It also compares favourably to $312 million in negative market movement for the financial year to 31 March 2022.

The market movement for the half-year to 31 March 2023 represents approximately 5.1% of the value of Platform FUA as at 30 June 2022.

Commenting on the quarter, Praemium CEO Anthony Wamsteker said, “Investor sentiment has remained subdued in the wake of previous quarters of high market volatility. Nevertheless, the March quarter of the 2023 financial year has seen both Powerwrap and Praemium’s SMA scheme continue to generate positive net flows.

“The SMA is our cornerstone product and highest revenue earning service. It achieved financial year to date net inflows of $0.8 billion, including $115 million for the quarter. This net funds flow represents 10% of the financial year’s opening FUA, an outstanding achievement.

“Powerwrap has returned to a consistent positive flows contribution. It demonstrates that advisers value the enhancements and integration implemented over the course of the prior financial year.”