Praemium Q3 FY25 Update: Record FUA, Spectrum Surge, and Stable Net Inflows

Praemium (ASX: PPS) has posted another strong quarter, with total funds under administration (FUA) hitting a record $62.3 billion, up 17% from the same time last year. The standout this time? A huge leap in inflows for its next-gen investment platform, Spectrum, which saw $440 million in net inflows for the quarter.

Here’s a closer look at how the quarter ending 31 March 2025 shaped up.

Spectrum Leads the Way

Launched just last year, Spectrum is proving a big hit, especially with the private wealth sector. Net inflows surged from just $69 million last quarter to $440 million, driving total Spectrum FUA to $513 million. The product now holds serious momentum heading into the second half of the year, with management flagging a “strong pipeline” for 2025.

Platform FUA Tops $30 Billion

Total Platform FUA reached $30.0 billion, up 24% year-on-year. Breaking that down:

SMA: $12.3 billion (up 10%), with $120 million in net inflows this quarter.
Powerwrap: $13.3 billion (up just 2%), though net outflows of $66 million weighed.
OneVue: $4.0 billion – a slight dip from its acquisition FUA of $4.1 billion last year.
Spectrum: Grew to $0.5 billion on the back of strong inflows.

While SMA remains the flagship offering, Spectrum’s sharp growth is beginning to shift the spotlight.

Net Flows Stay Positive

Despite some softness in Powerwrap and OneVue, Praemium delivered $364 million in net platform inflows, a solid result following $371 million in the prior quarter. Negative market movement did shave off $451 million, or around -1.5% of platform value, but this didn’t derail overall FUA growth.

On the non-custodial side, Scope+ rose to $32.3 billion, up 11% year-on-year – another quiet success story for the business.

CEO Commentary

CEO Anthony Wamsteker praised Spectrum’s momentum and highlighted SMA’s continued resilience. He acknowledged challenges with OneVue and Powerwrap but reaffirmed that integration is on track and adviser transitions are slowing.

“We are pleased with the ongoing interest in Spectrum and expect that momentum to continue. Our SMA offering also remains a cornerstone of the business,” Wamsteker said.

With a strong product mix and continued growth in platform FUA, Praemium is staying firmly in the game as one of Australia’s leading wealth platforms.

Mike Chumley

Originally from Scotland, Mike Chumley brings a global perspective to the Australian investment landscape. With extensive experience in financial journalism and market analysis, Mike specialises in providing sharp insights into market trends and investment strategies. His expertise spans both local and international markets, making him a valuable resource for readers seeking to navigate the complexities of global finance. Mike’s commitment to clear and insightful reporting ensures that investors stay informed and ahead of the curve.