Funds Management News
Praemium FUA hits $16bn
InvestorDaily
The wealth platform provider has posted a 108 per cent increase in total funds under administration to $16.1 billion over the year to 30 June. Praemium’s Australian platform experienced a 24 per cent increase in FUA to $6.9 billion from net inflows of $1 billion. Australian revenue increased 14 per cent over financial year 2019 to $31.4 million. Australian EBITDA increased 21 per cent to $15.2 million, compared to $12.4 million for FY18. EBITDA margins were 48 per cent of revenue, up from the prior year’s 45 per cent.
Praemium’s International platform recorded gross inflows of $850 million, up 62 per cent in the prior comparable period, while FUA closed at $2.6 billion as at 30 June 2019, up 29 per cent for the year. However, the group’s international revenue based on its business units in the UK and Asia declined by 12 per cent for the year to $13.7 million. “The UK business was impacted by declines in global equity markets and outflows in the Smartfund range of managed funds,” the company said in a statement. “This was offset by growth in Asia for WealthCraft’s CRM and planning software, with revenue increasing 19 per cent to $0.8 million from a 33 per cent uplift in users over the past 12 months.
The rest of this article can be found at investordaily.com.au.
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