Praemium (ASX:PPS) net flows jump 82% in March quarter

Company News

by Melissa Darmawan

Investment platform provider Praemium’s (ASX:PPS) 82 per cent jump in its March quarterly net inflows of $725 million has got investors excited.

The platform provider has been on a roll since posting its record funds under administration of $49 billion in February with its Aussie arm taking home gold, contributing 63 per cent of flows of $446 million with the remaining $279 million derived internationally when compared to the prior corresponding period.

Financial year to date net inflows also catapulted 112 per cent from $1.7 billion in March 2021 to $3.6 billion with total funds under administration of $47.7 billion, rising 26 per cent from $37.9 billion last year.

The move comes after the platform provider inked a $65 million deal with Morningstar to sell its operations in United Kingdom, Jersey, Hong Kong and Dubai in December last year which is set to settle by the third quarter this year after Anthony Wamsteker was appointed chief executive officer in August 2021.

Shares in Praemium (ASX:PPS) are trading 16.1 per cent higher at 72 cents.
 

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