Checking on the Praemium thesis.

Is their new platform (spectrum) gaining traction fast enough to allay outflows from older ones?

Overall, yes - net overall platform flows were positive 550m, a sharp reversal from last quarter.

Spectrum had 483m inflows, similar to last quarter, and there were higher outflows (184m), but net flows were still 300m for Spectrum.

The bleeding of the legacy platform, Powerwrap, actually reversed in Q1 which was surprising. One negative was the lost of 5% of total customers in non-custodial business.

There's not enough data to draw strong conclusions on product quality but encouraging signs. It's also a lot easier to grow in a bull market.

Net Quarterly Platform Inflows

HUB’s results, released today, showed inflows of $5.2bn, which is 10× greater than Praemium’s. This drove platform FUA growth of 8%, compared to Praemium’s 6.5%. The impressive thing about HUB's organic growth this quarter was that it excluded large migrations, a real indication of product quality.

Overall, encouraging progress from Praemium.