The independent investment platform rallied more than 10% this week following a strong 1st quarter update. Funds Under Administration (FUA) hit a new record at $45.6b, up 46% in 12 months, adding another $1.66b in the first quarter. The sector was alight as well – peers Netwealth (NWL) & HUB24 (HUB) also posted strong quarterlies, between the 3 of them they have attracted ~$2.5b of new flows per month as the big shift continues, while HUB also lobbed a bid for SMSF administration business Class (CL1). Praemium remains relatively cheap, trading at a ~60% discount to both HUB & NWL on an forward EV/Sales multiple. This weeks data suggests there is still plenty of room for all three in a market shifting towards the independents. Stay long indep
MM is bullish & long PPS
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