Praemium grows platform FUA to $34.4 billion

• Platform funds under administration rose 7.4% year-on-year to $34.4 billion, supported by quarterly net inflows of $274 million.
• Cash management holdings reached $1,838 million, representing 5.3% of total platform funds under administration.
• Expansion was driven by adviser demand for the Spectrum platform alongside increased adoption of the Scope+ outsourcing solution.

Praemium (ASX:PPS) reported a 7.4% increase in platform funds under administration to $34.4 billion for the first quarter of FY27.

The figures compare with softer overall inflow conditions across the broader wealth management sector during the September quarter.

Praemium reported that non-custodial Scope+ funds under administration surged 30.3% year-on-year to $45.5 billion.

TotalScope portfolios declined 5.2% to 57,295, although outsourced Scope+ administration portfolios grew 30.7% to reach 12,856.

The completion of the Bell Potter transition to Scope+ helped drive outsourcing adoption above initial targets.

Following the announcement, the Praemium share price was unchanged at $0.60.

The company maintains $1.84 billion in cash management holdings, accounting for 5.3% of platform funds under administration.

Scope+ now represents 22.4% of all Scope portfolios, up from 16.3% in the prior corresponding period.