Rapidly growing fintech company Praemium Ltd (ASX: PPS) will be one to watch today after it reported record inflows for the September 2016 quarter of $494 million.

This strong growth means that the leading global provider of investment administration, separately managed accounts (SMA), and financial planning technology platforms now has over $5 billion of SMA funds under administration. Incredibly this means funds under administration has grown by a massive 35% in the last 12 months.

During the quarter there were records being broken in both its domestic and international segments.

Its international business reported record quarterly inflows of £81 million ($140 million), bringing international funds under management to over £1 billion ($1.76 billion). This equates to a 46% increase in the last 12 months.

Praemium’s Australian business reported record quarterly inflows of $354 million, growing total Australian funds under administration 31% over the last 12 months to $3.3 billion.

Praemium’s CEO Michael Ohanessian had this to say on the result:

“It has been a standout quarter for our global SMA platform with record inflows in both the Australian and International regions. The SMA market is growing strongly in Australia and we continue to attract considerable interest because of our proven capabilities in managed accounts. We are now expanding our distribution team to capture the wide range of opportunities we are experiencing across our entire product suite.”

I believe this was yet another great result by Praemium and goes some way to justifying the incredible 68% rise in its share price this year.

Although its shares may look a little on the expensive side at 37x estimated FY 2017 earnings, they are still trading at a significant discount to fintech rivals Class Ltd (ASX: CL1) and Hub24 Ltd (ASX: HUB).

As long as it can maintain its strong growth, I expect its share price will appreciate in value over the next 12 months. This could make it a great addition to your portfolio today in my opinion.

If you need to make space in your portfolio for Praemium I would highly recommend removing these wealth destroying shares. Each could be harming your portfolio and might be best swapped out.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.