In morning trade the Praemium Ltd (ASX: PPS) share price has pushed higher following the release of its latest quarterly update.
At the time of writing the investment administration software provider's shares are up over 6% to 66 cents.
What was in the update?
For the quarter ended March 31, Praemium reported combined gross inflows of $671 million. This was the third highest on record and 39% higher than the prior corresponding period.
The majority of these gross inflows came from the Australian market. It reported record gross inflows of $484 million during the quarter.
The remaining $187 million (£105 million) of gross inflows came from its international segment, which was the fourth highest quarterly gross inflow on record from the segment.
All in all, this took Praemium's funds under administration to a record $7.8 billion.
According to CEO Michael Ohanessian, "The March quarter was a tough one for equity markets globally with declining valuations and an increase in volatility. Despite an increase in investor uncertainty, we are pleased that our asset inflows held up and our overall FUA increased 5% over the December quarter."
Pleasingly, Ohanessian appears confident that Praemium's growth can continue in the future. He has pointed to the newly launched International SMA as a potential driver. This will provide direct holdings for a client's offshore equity allocation at an economical cost.
Should you invest?
I thought that Praemium's performance during the quarter was very positive and I was impressed with the growth of its gross inflows despite volatile global equity markets.
As such, I can't say I'm overly surprised to see its share price race higher during morning trade.
Whilst it isn't necessarily my first pick in the fintech industry, I do think it is up there with the likes of Bravura Solutions Ltd (ASX: BVS) and Hub24 Ltd (ASX: HUB) as one of the best options for investors.
