Praemium (ASX:PPS) celebrates second highest net inflows

Company News

by Lauren Evans

Praemium (ASX:PPS) is celebrating its second highest number of net inflows in the December quarter.

The financial provider reported outstanding momentum which saw funds under administration grow and the divestment of its international business continue.

Net inflows reached $1.25 billion, the second highest on record and 12 per cent higher than the December 2020 quarter. Funds under administration achieved a record high of $49 billion, an increase of 43 per cent in the past year from new milestones across all global segments.

“We are delighted to report continued outstanding momentum this quarter and record FUA levels of $49 billion. The annual FUA growth of 43 per cent is a tremendous result,” said chief executive officer Anthony Warmsteker.

“The divestment of our International business continues to plan with the agreed transaction terms announced to the ASX on 21 December 2021. The proposed transaction is positive for both our Australian and International businesses. We anticipate that both segments can continue with their strong growth trajectories over the coming year.”

Shares Praemium (ASX:PPS) are trading 1.5 per cent higher at $1.34.

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