Praemium, which has offices in Australia, the UK and a growing number of international markets, made the announcement on 12 July in a business update for the second quarter of 2018.
The A$8.3bn in funds under administration (FUA) represents a 35% increase compared to the same quarter last year.
Record inflows
Praemium also reported that it had record annual gross inflows of A$3bn over the 12-month period ending 30 June 2018, a figure that was 50% higher than the year prior.
The strong full-year growth was underpinned by a positive June quarter, which saw Praemium take on Morgan Stanley Wealth Management as a client and gain regulatory approval to sell its smartfund range directly to the UAE markets.
UAE-based Mashreq Bank will promote Preamium’s products in the region.
During the quarter, the company also signed a five-year contract with CMC Markets Stockbroking to provide portfolio-based reporting solutions.
‘Key client wins’
Praemium chief executive Michael Ohanessian said the June quarter was a “stand out for key client wins”.
“It is a strong validation of our market-leading capabilities in technology and product breadth, but also our continuing investment in product, and sales and marketing, which is clearly delivering results.”
He said he was excited about the year ahead and believes the key client wins will accelerate growth.
“With significant industry forces driving change, particularly in Australia, but also across global markets, we are well-placed to benefit from the move to transparent and efficient adviser and investment solutions.
“We also expect further upside from our global focus on superannuation and pension solutions,” Ohanessian said.
