Praemium brings forward chair succession

Praemium will bring forward its leadership transition at board level, with its current chair stepping down as the platform and portfolio administration business continues to expand its focus on high-net-worth investors and technology.

Matthew Quinn will replace Barry Lewin as chair, with Lewin bringing forward his departure and stepping down from the role effective 22 September 2026.

Praemium said Lewin had overseen significant growth during his tenure, with the board thanking him for his contribution, leadership and commitment to the company and its people.

Quinn was first appointed as non-executive director earlier this year. Initially, Quinn was set to succeed Lewin as chair at the conclusion of AGM scheduled for November.

The change comes as Praemium continues to focus on building growth across its platform and non-custodial portfolio administration businesses while responding to changing expectations among high-net-worth investors.

Research from Praemium and Core Data published in August found 80% of high-net-worth investors who work with an adviser had already used artificial intelligence (AI) for financial tasks, including financial education, comparing investment strategies and sense-checking advice.

However, only 29% said they would manage their portfolio themselves if given access to the same tools as their adviser, while roughly seven in 10 would still prefer to retain their adviser's guidance.

The research also found 86% believe the human adviser-client relationship will remain important in an AI enabled future, with most favouring a model that combines human advice with AI support.

Australia's high-net-worth market grew 10% to 1.33 million households during the period covered by the research, while total investable wealth increased 8.4% to $4.6 trillion. More than 120,000 households entered the HNW segment, with more than seven in 10 investors using a financial adviser or wealth manager.

The chair transition comes as Praemium reported total funds under administration of $77.9 billion for FY26, up 21.1% from the previous year.

Platform FUA rose 10.8% to $34 billion, while non-custodial portfolio administration business Scope+ increased 30.5% to 12,793 in portfolio numbers.

The company has identified HNW segment as a key area of focus as it continues to grow its platform and administration business.