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Praemium to sell international business

Following a strategic review, Praemium is proposing to sell its international business despite record performance.

The platform provider has confirmed it plans to sell its international business, despite its strong performance in recent times.

The strategic review was first announced in May when chief executive Michael Ohanessian departed.

Praemium said the business remains at a structural disadvantage to its key competitors.

While no buyer has been identified as yet, Praemium says it has received strong, unsolicited interest from several parties.

Praemium said it believes an alternative owner of the business would simplify it, "better serving the interests of its clients and better advancing the career opportunities of its employees".

The proposed divestment would also allow Praemium to focus on the Australian business, the company said.

Confirmation of the plan for the business comes as Praemium reports record funds under administration for both the Australian and international arms.

Locally, platform FUA grew 223% last financial year and the international platform grew 55%.

Net platform inflows also hit a record $1.2 billion in the June quarter, $820 million of which came from Australia.

Total funds under administration now sit at $41.7 billion.

Read more: PraemiumMichael Ohanessian