Praemium reaches $78bn in FUA with HNW focus

The company said its effort targeting the high-net-worth segment has worked out to its favour, as performances across its platform and non-custodial portfolio administration business have pushed its total funds under administration (FUA) to $77.9 billion for the year ending 30 June 2026, a 21.1% increase from FY25.

Praemium's platform FUA increased 10.8% during FY26 to $34 billion, supported by strong underlying flows and positive market movement in Q4, while its non-custodial portfolio administration business, Scope+, also saw promising growth, as FUA grew to $43.9 billion - up 30.5% from the previous corresponding period - and portfolio numbers increased to 12,793 (up 33.7%) in the same period.

It said adviser demand remained resilient, highlighted through its targeted high-net-worth (HNW) segment, which has supported underlying flow performance across all Praemium's platform solutions.

"Bell Potter Private Wealth's expansion beyond Scope+ into Spectrum and SMA solutions demonstrates this trend, with clients increasingly leveraging a broader range of Praemium's capabilities to support complex wealth management requirements," the company noted.

"Multi-year non-custodial enterprise agreement renewals were executed with Morgan Stanley Wealth Management and JBWere... The agreements provide a stable foundation for future growth while supporting ongoing client engagement across broader Praemium solutions."

Throughout FY26, 330 new investment options were also added to the Spectrum, Powerwrap and separately managed account (SMA) investment menus.

Commenting, Praemium chief executive Anthony Wamsteker said the strong quarter validated its strategic focus on the HNW segment.

"We are seeing advisers increasingly seek solutions that can support more complex client requirements, including alternative assets, sophisticated portfolio structures and integrated administration services," Wamsteker said.

"This is driving broader adoption across the Praemium ecosystem, with clients leveraging multiple solutions to support their advice proposition.

"Continued growth in our non-custody solutions is particularly pleasing and highlights the importance of non-custodial administration to support increasingly HNW client needs."

Notably, Praemium is continuing to advance its technology transformation with the integration of Technotia to deliver enhanced capability with automation at a simplified cost base.

However, adviser exit-related outflows - those associated with OneVue - continue to contribute to significant outflows, as the business saw net outflows of $522 million during FY26 as a result. Praemium said the drag from the transition-related activity is expected to continue into the current financial year.

"Importantly, these net outflows continued to trend down throughout the year. With the major platform migrations now complete and adviser exit outflows reducing, the drag from legacy transition-related activity is expected to continue moderating into FY27," Praemium said.

Looking ahead, Praemium will continue to focus on generating strong net inflows across platform and Scope+, improving efficiency for new clients, and evolving and scaling its superannuation offering.

"During the year we also strengthened the foundations of the business through key enterprise client renewals, the completion of major integration initiatives and continued progress in simplifying our operating model," Wamsteker added.

"Together with sustained HNW adviser engagement we have a clear pathway to improved operating leverage into FY27."