Praemium hits $2.65b on SMA platforms


By Elizabeth Somerville

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Praemium has announced record funds totalling $2.65 billion across its Australian and international separately managed account (SMA) platforms.

Results for the September quarter, released yesterday, showed an increase of 8 per cent in global funds on platform, comprising $1.6 billion in funds on the Australian platform and $1.05 billion on its international platform.

Quarterly gross inflows were $286 million, the second highest behind the June quarter record of $320 million.

“We are very pleased with the continued growth momentum demonstrated in the September quarter results,” Praemium chief executive Michael Ohanessian said.

“Existing customers such as Centrepoint Alliance and Agentia have relaunched their SMA services with new diversified model portfolios in both super and non-super structures, while new customers such as Astute Financial are now using multi-asset models managed by professional investment managers to provide low-cost access to investments suitable for their clients’ risk profiles.

“The fact that wealth managers are increasingly turning to SMAs to help deliver more efficient and transparent investment solutions to their investors is further indication that the appeal of SMA platforms is growing rapidly within Australia’s $500 billion platform market.”

This news follows Praemium’s recent win at the Lonsec Awards where the company took out the top prize in the SMA platform category.

“[Praemium] has demonstrated an ability to develop and evolve in the rapidly changing financial services technology market,” Lonsec said.

“[Praemium is] an independent technology platform [with] the widest menu out of those surveyed and their reporting is very good, arguably the best.”

The inclusion of SMA platforms in the Lonsec award categories showed they were attracting mainstream interest and use from across the industry, Praemium said.

“We thank Lonsec for recognising us at this year’s inaugural awards,” Ohanessian said.

“Praemium and its partners have pioneered SMA platform technology in Australia; we have been at it a long time and it’s nice that our experience and expertise has been recognised by such a respected organisation as Lonsec.”

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