Praemium has seen inflows cut in half during the first half of the new financial year with half-yearly net inflows dropping 53 per cent from $2.19 billion to $1.02 billion.

In a business update to the ASX, Praemium said separately managed account (SMA) flows dropped 50 per cent $670 million, while Powerwrap flows dropped 59 per cent to $346 million.

Net platform inflows during the half-year were augmented by $421 million in positive market movements.

The transitional services agreement with Morningstar had finished which saw the completion of the international research house’s acquisition of Praemium’s overseas business.

Total funds under administration sat at $42.7 billion, a 6 per cent increase compared to $40.5 billion at 30 June 2022.

Platform business held $20.9 billion (7 per cent increase from $19.5 billion at 30 June), which was made up of:

  • Praemium SMA business holding $9 billion (up 11 per cent from $8.1 billion at 30 June); and
  • Powerwrap held $12 billion (5 per cent boost from $11.4 billion at 30 June).

The virtual managed account administration service (VMAAS) held $21.8 billion (up 4 per cent from $21 billion at 30 June).