Praemium is an ASX growth stock that continues to reach new highs this year. The company provides fully integrated account management platforms for financial institutions and individual investors.
Praemium services in excess of 300,000 investor accounts covering over $140 billion in funds globally for more than 1,000 financial institutions and intermediaries, including some of the world’s largest financial institutions.
Since its ASX listing in 2006, Praemium has become a leader in technology platforms for managed accounts, investment administration, and financial planning. Praemium’s global funds under administration continue to grow, hitting new records with FUA at the end of the March quarter hitting around $38 billion, an 11% increase in the quarter and up 96% compared to March 2020
Praemium shares have accelerated over the past 12 months to achieving a gain of more than 120%, giving the growth stock a market capitalisation of roughly $388 million.
Net platform inflows for the latest quarter were $801 million, a 149% increase compared to the reported in the prior period. Platforms in both Australia and International recorded strong growth.
Its shares experienced a very volatile session last Friday following the departure of its CEO and board member, Michael Ohanessian. No reason, however, was given in the announcement as to why Mr Ohanessian has walked away from the role after 10 years.
Praemium CEO Michael Ohanessian made the following comments about the quarter: “Praemium has doubled in size over the past year. Despite the pandemic, the past 12 months have been the most transformational in our story thus far. We continue to build scale and capability. Our ability to service managed accounts either on or off-platform is an important differentiator in delivering a holistic wealth management service. The rapid growth of our off platform administration service is a testament to the significant opportunity for Praemium to meet this largely unmet need.”