PPS -1.65%: the investment platform dipped today despite what looked like a reasonable Funds Under Administration (FUA) update. FUA grew 9% for FY23 to $44b, split reasonably evenly between Platform inflows, portfolio administration inflows and overall positive market moves. The numbers suggest Praemium have at least held its ground while working through an improved structure, bringing in new technology and governance executives as well as a revamped sales team which we expect to improve performance from here. Cash balances increased slightly in the SMA side of the Platforms business, however, this was offset by a larger drop in balances held on Powerwrap accounts which is likely to reduce the overall cash margin income Praemium sees in FY23, a slight headwind to earnings.
MM is patiently/frustratingly long PPS
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