- Fintech stock Praemium (PPS) has notched up record net platform inflows during the December quarter, totalling $1.1 billion
- Compared to the same quarter last year, the figure represents a 128 per cent increase on its previous total of $489 million
- In addition to the increase in inflows, the December period saw Praemium record 10 per cent growth in global platform funds under administration (FUA)
- The company had $34.3 billion in FUA at the end of the quarter, with the Australian platform making up $16.4 billion of that total figure
- Praemium spent much of the December period focussed on integrating the newly acquired Powerwrap platform into its existing business
- The company also grew its international presence by adding more support to its Dubai team to in turn help service Asia and the Middle East
- Shares in PPS have jumped up 9.84 per cent in early trade, trading at 67 cents per share
Praemium (PPS) has released its latest quarterly report, showing it notched up record net platform inflows of $1.1 billion during the December period.
When compared to the same quarter last year, that figure represents a 128 per cent increase on the company’s previous total of $489 million.
The billion-dollar-figure is also a strong increase compared to the fintech stock’s previous net platform inflow total of $733 million.
In addition to the increase in inflows, the December period saw the managed accounts business record 10 per cent growth in global platform funds under administration (FUA).
Praemium had $34.3 billion in FUA at the end of the quarter, including $16.4 billion from Australian platforms.
Its international platform FUA was also up 13 per cent compared to the September period, totalling $3.9 billion.
Commenting on the quarterly results, Praemium CEO Michael Ohanessian said global FUA almost doubled when compared to the same time last year
“We have ended 2020 on a high. Record inflows across the business have lifted us to over $34 billion in FUA, helped along by buoyant market conditions,” he said
“A 69 per cent year-on-year increase in global FUA is a fantastic result in a year of tremendous disruption,” Michael added.
On the activities front, Praemium spent much of the December quarter focussed on integrating the newly acquired Powerwrap platform into its existing business.
The company also invested in its international presence by adding more support to its Dubai team to in turn help service the Asian, South African and the Middle Eastern markets.
Following Wednesday’s positive market release, shares in PPS have jumped up 9.84 per cent to trade at 67 cents per share at 11:58 am AEDT.