PPS +10.57%: the independent investment platform provided an impressive 4th quarter update today despite a small fall in the 3 months. Total Funds Under Administration (FUA) at the end of the year was $40.5b, up 10% over the year despite most asset classes falling in the period. FUA fell 4% in the quarter as inflows of $300m were more than offset by a negative investment performance of $1.5b. The June quarter is a historically weaker period for flows, so it was positive to see money coming in the door, particularly into higher-margin Praemium SMA products.
MM is bullish and long PPS in the Emerging Companies Portfolio
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