Full Year 2024 Praemium Ltd Earnings Call Transcript
Key Points
- Praemium Ltd (ASX:PPS) has achieved double-digit growth in assets under administration, both organically and through the OneVue acquisition.
- The company has launched a new IDPS, which is expected to further solidify its position in the high net worth segment.
- Praemium Ltd (ASX:PPS) has seen significant growth in its non-custodial service, VMAAS, which is up 8% for the quarter.
- The company has successfully integrated OneVue, which has contributed to stable funds under administration.
- Praemium Ltd (ASX:PPS) has a consistent strategy and long-term focus, which reassures shareholders and aligns with market needs.
- There have been significant outflows from the Powerwrap solution due to advisors departing to other firms.
- The company's service standards are not yet at the level they aspire to, particularly for high net worth clients.
- The superannuation offering has been somewhat neglected in the past, although efforts are being made to improve it.
- There are headwinds affecting the headline numbers, although the underlying business remains strong.
- The integration of multiple platforms and schemes is complex and requires careful management to avoid losing functionality for clients.
Okay. Welcome, everyone. Thank you for joining the call for our quarterly update on funds flow and funds under administration. I'm here with David Coulter, and we'll just take you through the high-level overview and some of the detail in the results.
Let me start by acknowledging the Traditional Custodians of Country and pay my respects to their Elders past, present, and emerging for they hold the memories, traditions and culture of First Nations' people.
I'll put up the usual disclaimer there. I won't read through that, but it is in the presentation that is loaded into the ASX website.
As I said, David and I will take you through our high-level overview of where we're at in terms of the business strategy, and then some of the detail on the quarterly flows, and where we are in terms of annual growth rate. And then we'll take some questions, which there are some coming through already.
Now, this slide on the strategy, we go through this each time we talk. As many of you have heard me say, there's at least seven
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