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The Praemium (ASX:PPS) Share Price Jumped 11%

Jaz Harrison
Jaz Harrison
Jaz Harrison

Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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The Praemium Ltd (ASX: PPS) share price has risen by 11.25% today after releasing its June 2019 quarter figures.

Praemium provides 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.

Praemium’s Powerful Quarter

Praemium revealed that it achieved record quarterly gross inflows across Australia and International of $903 million. Platform funds under administration (FUA) reached $$9.53 billion with $405 million of net inflows and market movements of $244 million.

Praemium CEO Michael Ohanessian said: “February’s upgrade to a full-service integrated managed accounts (IMA) platform marked an important milestone in Praemium’s history; the ability to support all managed account structures significantly expands our addressable market.

“In Australia alone our market has expanded from the $21 billion SMA platform segment (as at end 2018) to the $858 billion overall platform market, and we have seen strong client interest in Australia and internationally for the IMA.”

The company said that IMA contributed 8% of the overall FUA growth for the quarter.

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