The Praemium Ltd (ASX: PPS) share price is up 3.5% at lunch after the financial technology business announced its March 2019 quarterly update.
Praemium is one of the world leaders for providing investment administration, Managed Account and financial planning technology platforms. It currently reports on over 500,000 investor accounts covering over $140 billion in funds globally and provides services to more than 1,000 financial institutions and intermediaries.
Why the Praemium share price is up
The Praemium share price has gone up because it experienced combined quarterly total platform inflows of $744 million. This is good news considering Praemium recently lost a major client.
The UK & International gross platform experienced inflows of $234 million, which was a record.
However, total net platform inflows were $438 million, which was the first time the company had reported.
Praemium’s funds under administration (FUA) has reached $8.9 billion, which was up over 13% over the quarter.
The Praemium CEO Michael Ohanessian said: “The release this quarter of ‘wrap-like’ platform capabilities to our existing Managed Account architecture is the most significant upgrade the company has seen.”
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