The latest financial results show that FUA now stand at A$5.4bn ($4.03bn, €3.8bn, £3.3bn), an increase of A$1.2bn compared to the year before.
Praemium provides companies with investment platforms, allowing adviser firms and investment managers to deliver discretionary fund management to their clients, giving the option of using their own model portfolios, making use of other discretionary fund managers or using the Praemium’s own fund range.
The platform, which in recent years has invested heavily in expanding internationally in places like the UK, Jersey, Dubai and Hong Kong, said the stellar results were down to “strong momentum” in Q3 2016.
Record international inflows
Combined gross inflows for the quarter totalled A$422m worldwide – the third highest on record.
The money coming into company from Praemium’s international businesses, made up a third of gross inflows, totalling A$125m – the second highest on record after Q2 last year.
Australia, where the platform originally launched in 2001, made up gross inflows of A$297m, underpinned by “new business development maintaining strong growth”, said the firm.
Praemium’s chief executive Michael Ohanessian said: “Following the record September quarter, the December quarter has been another strong result for our global SMA platform inflows, especially given the uncertainties created by major geopolitical shifts during 2016.
“Particularly pleasing is the international platform, which continues its trajectory as inflows accelerated strongly in the second half of 2016.”
Ohanessian added that the platform provider’s recent purchase of UK self-invested personal pensions (Sipp) business Wensley Mackay, announced last September, will “complement our platform and open up a new distribution channel for our investment offerings”.
Last November, Praemium revealed it has hired former Brooklands Pensions chief operating officer Mark Sanderson to spearhead the development of Praemium’s retirement business in the Middle East and other key expat markets.
In the same month, the company announced it has launched a strategic partnership with discretionary investment manager PortfolioMetrix.
In an exclusive interview with International Adviser, Ohanessian has previously said a strong UK performance, innovative products, and staying ahead of the technology curve resulted in “a really good year” for Praemium in 2016.
Smartfund boost
Furthermore, assets under management by the company’s in-house investment soared by 51% compared to 2015 to AUD$549m.
Praemium said it’s model portfolios and multi-asset funds grew to £323m as of 31 December, again another dramatic increase of 51% on the previous 12 months.
