Praemium: Reported 25% growth in FUA

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Praemium: Reported 25% growth in FUA

Praemium: Reported 25% growth in Funds under administration (FUA)

  • Net profit after tax for the full year ending 30 June grew by 80% to $2.5 million
  • The group’s core Australian platform reported net inflows of $1 billion to post FUA up 24% to $6.9 billion
  • The profit and revenue are up 80% and 5% on the prior year
  • Praemium has also invested in expanding its operations overseas in the UK and Asia
  • Management also flagged technology investments made over the year including significant upgrades
  • Other competitors growing nicely in a similar space to Praemium include Hub24 Ltd and Netwealth Limited