Praemium FUA rises 21% as flows hit four-year high

Praemium reported a 21.1 per cent uplift in total funds under administration (FUA) for the 2025/26 financial year, reaching $77.9 billion. The platform provider cited strong adviser demand within the high-net-worth segment as a primary driver for the solid asset growth. This increase propelled total FUA to a record high, marking a significant milestone for the firm.

Platform FUA rose from $30.7 billion to $33.9 billion over the 12 months to 30 June 2026. Net flows reached a four-year high of $1.9 billion, a 130.1 per cent increase from the prior year, despite $6.21 billion in outflows. The $8.13 billion in total inflows was partially offset by adviser exits related to One Vue, which contributed $522 million to net outflows.

On the flip side, increased demand within the high-net-worth (HNW) client segment drove the growth. Demand for alternative assets and sophisticated portfolio structures also acted as a driver for greater adoption across the product suite. For example, Bell Potter Private Wealth expanded from Scope+ into Spectrum and separately managed accounts (SMA) solutions earlier in the year.

Scope+ contributed solidly to the overall results, with FUA up 30.5 per cent on the prior-corresponding-period from $33.6 billion to $43.9 billion. The firm also executed renewals of multi-year non-custodial enterprise agreements with Morgan Stanley Wealth Management and JBWere in FY26. Praemium said these deals reinforced the quality and longevity of its enterprise client relationships.

We are seeing advisers increasingly seek solutions that can support more complex client requirements, including alternative assets, sophisticated portfolio structures and integrated administration services. This is driving broader adoption across the Praemium ecosystem, with clients leveraging multiple solutions to support their advice proposition, Wamsteker said.

Continued growth in non-custody solutions is particularly pleasing and highlights the importance of non-custodial administration to support increasingly complex high-net-worth client needs. During the year we also strengthened the foundations of the business through key enterprise client renewals, the completion of major integration initiatives and continued progress in simplifying our operating model.

The platform provider also faces legal challenges unrelated to its operational performance. A separate ASX announcement on 22 July revealed that Praemium Australia Limited, Powerwrap Limited and One Vue Wealth Services Limited have all received notices of cross-claim from Diversa Trustees Limited.

As part of current proceedings brought against Diversa by ASIC over matters related to First Guardian investments, Diversa has filed a claim seeking compensation from the trio. The claim relates to the onboarding and monitoring of the First Guardian investment products by each of them, but only if Diversa is ordered to pay compensation in the proceedings.

These claims had not previously been foreshadowed by Diversa and the agreements in place with Diversa require it to undertake a dispute resolution process before commencing proceedings, which has not yet been done. Accordingly, no steps will be taken in the proceeding until that process has been completed, which is expected to be undertaken over the next 4 weeks, Praemium stated.

The legal actions serve as a distraction from the firm’s operational successes.