Lauren Ryan from Thinktank speaks to Laurence Parker-Brown for our IN60 series. The Inside Adviser
That consumers are influenced heavily by well known, trusted brands comes as no great surprise. What does, though, is that they rate life insurance as the least most important tool in ensuring financial security.
Another record quarter for Praemium
Praemium (ASX:PPS) shares are up almost 4% at the time of writing following the announcement of strong growth during the second quarter. The platform recorded funds under administration of $49bn with net inflows up 12% on the same quarter last year and has closed the gap with Netwealth’s $50bn.
Key results for the second quarter ending December 31 include:
- Quarterly net inflows of $1.25 billion, including $690 million into separately managed accounts (SMAs)
- Annual inflows of $4.9 billion over 2021, an 87% improvement on 2020
- FUA of $49.0 billion, a 43% increase year-on-year (YoY)
The platform has also agreed to sell its entire operations in UK, Jersey, Hong Kong and Dubai International to Morningstar for $66.68m. This will allow the platform to re-focus its core operations on the Australian platform market. Its international business has been a drag and operates at a scale disadvantage to its key competitors.
Praemium CEO Anthony Wamsteker said, “We are delighted that Morningstar, a global firm of outstanding stature has chosen to acquire our International Business. While enjoying strong sales momentum and technology leadership, the International Business has been operating at a scale disadvantage to its key competitors.”
Morningstar will bring its global footprint and investment scale to better serve the interests of international clients and better advance the career opportunities of our international employees.
