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Praemium funds under admin breaks past $7.4bn

Praemium funds under admin breaks past $7.4bn

Jessica Yun
— 1 minute read

Fintech firm Praemium’s funds under administration surpassed $7.4 billion in the December quarter of 2017.

According to a statement released on the ASX, the firm has hit a new record high in funds under administration (FUM), surpassing its record of $6.66 billion set from the previous quarter.

Another record high for the firm was combined gross inflows, which hit $764 million in the December quarter, $548 million of which came from Australia and $216 million attributed to international inflows.

Source: Praemium

Praemium chief executive Michael Ohanessian said that the December quarter was “another standout, in particular surpassing the previous record-breaking September quarter”.

“The momentum in our business continues to build,” the CEO said.

“The imminent full release of international securities for the Australia SMA will be an important accelerator, with several prospective clients already looking to use the service.”

He pointed to the growth that the firm had experienced in the second half of 2017, with headcount in research and development rising by 20 per cent and sales rising by 15 per cent.

“While early days, our excellent new talent have already contributed meaningfully to the organisation.”

The new year would see the firm introduce more client-facing roles as it sought to further client engagement.

“I’m also very pleased with the progress of our product development,” Mr Ohanessian said.

“We now have over 100 technology people across five locations collaborating on global initiatives.”

He added that MiFID II had been a “massive undertaking” for the company, but said that the platform was well placed to meet the new regulatory requirements.

He also pointed to the 34 per cent rise in international FUA since last year.

“We believe that 2018 would be a pivotal year for the international business,” Mr Ohanessian concluded.

The software firm’s FUA hit $6 billion in the second quarter of last year, attributing its record annual results in 2017 to growth in managed accounts platforms.

 

Praemium funds under admin breaks past $7.4bn
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