PPS +14.95%: the investment platform provider rallied to a 2 year high today after announcing more positive flow numbers. Funds Under Administration (FUA) hit a record $41.7b with inflows of $1.2b in the quarter. The key for these platforms is scale – with flattish cost bases, top line growth has a leveraged impact on profits. Praemium also formally announced they are looking to offload their international business following a strategic review. It’s been a costly exercise for PPS over the past decade however they said they have received strong interest from buyers, and with strong FUA numbers in that business the market is expecting a good sale price.
MM remains bullish & long PPS
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