Praemium reports positive quarter

Platform provider Praemium has continued to reflect the benefits of its acquisition of OneVue from Iress while dealing with continuing adviser transition impacts on Powerwrap.
It said platform funds under administration to be up 32% over the previous corresponding period to $30.2 billion on the back of quarterly net inflows of $371 million.
The company said net platform inflows were augmented by by $784 million in positive market movement.
Commenting on the quarterly update, Praemium chief executive, Anthony Wamsteker noted what he described as the well-received launch of the company’s upgraded IDPS offering, Spectrum.
The quarterly data showed that Spectrum had recorded net inflows of $69 million.
Wamsteker also noted that the Praemium SMA scheme had achieved its best result in nine quarters with quarterly net inflows of $261 million.
The company also noted that Powerwrap had improved its gross and net flows from a range of existing clients and that this had more than offset non-systemic outflows from transitioning advisers.
It said Powerwrap’s gross outflows from transitioning advisers were approximately $0.5 billion for the half-year to December 2024 and, absent any further adviser movement, gross outflows from transitioning advisers are projected to continue at approximately $150 million to $200 million per quarter for at least another quarter before abating.
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