Portfolio administration provider Praemium claims to have surpassed $11 billion under administration from Australian self-managed super funds, more than 3 per cent of the $300 billion market.
Of the 32,000 portfolios and $28.5 billion currently administered by Praemium’s online V-Wrap service, it claims 13,200 portfolios speaking for $11 billion are sourced from self-managed super funds. Praemium managing director, Arthur Naoumidis, said that volatile markets would suit his business as they threw the spotlight on to costs. He claimed Praemium’s flat-fee structure made it cheaper than the asset-based fees charged by competitors, particularly given the average SMSF balance administered by Praemium is approximately $1 million. Praemium’s separately managed account business has a more modest $323 million under management, with dealer groups using the service inclusing PIS, Count and AFS.
Future Fund chief investment officer Ben Samild said that FY24 has been a great year for alpha creation, thanks to strong returns in equities and, unusually, across multiple hedge fund strategies all at the same time. He reflected the past few years have been “a difficult time to be an asset owner and to generate positive returns for risk assets” but the Future Fund is tracking well of its long-term mandate.
Simon Hoyle and Darcy SongSeptember 4, 2024
