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Praemium sees benefits of scale

Praemium saw a sharp rise in the December quarter as a result of its acquisition of Powerwrap, showcasing the benefit of increased scale.

The platform saw a 69% increase year-on-year in global funds under administration (FUA), lifting the business to over $34 billion in FUA.

"For the Australian business, the scale benefits from the acquisition of Powerwrap are evident," chief executive Michael Ohanessian said.

"Post-merger integration initiatives are driving efficiencies and improving reach to existing clients and prospects alike."

Ohanessian said the company's non-custody solutions have also been attracting considerable interest as advice firms look to outsource administration of their off-platform assets.

In addition to the integration of Powerwrap, Praemium said there are several key enhancements that are set to deliver adviser efficiencies.

The company said it plans to launch an alternative investments platform for Qualis Capital, offering a menu of hedge funds, private equity, real estate and private credit funds for sophisticated investors.

Additionally, it will launch margin lending for international SMAs in partnership with Leveraged Equities.

Praemium said it will deliver new digital capabilities for model managers, including online compliance attestations and expanded API capability for model managers to access their model data.

Alongside this, Praemium said it plans to expand its reporting capability, rollout a single suite of digital solutions and integrate WealthCraft, which has recently progressed to the beta trial phase.

"The outstanding performance of the business in the December quarter is a testament to the efforts of the Praemium team through a very difficult time," Ohanessian said.

"The efforts to strengthen our resilience, improve our efficiencies and enhance client support have placed us in a very strong position going into the new year."

Read more: PraemiumPowerwrapMichael OhanessianQualis CapitalWealthCraft
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