New CEO announcement boosts Praemium (ASX:PPS) share price

The announcement of the CEO came earlier today.
The post New CEO announcement boosts Praemium (ASX:PPS) share price appeared first on The Motley Fool Australia. –

The Praemium Ltd (ASX: PPS) share price is climbing higher today.  

At the time of writing, shares in the fintech company are trading higher for the day near their all-time high of $1.28.  

The Praemium share price has perked up after announcing changes to its senior management earlier today.

Let’s take a look at what Praemium announced.

Praemium share price lifts on CEO announcement

The Praemium share price is poised to lift after announcing the appointment of a new Chief Executive Officer (CEO).

In an announcement to the market earlier today, the company announced the appointment of Anthony Wamsteker as CEO.

Praemium noted that Mr Wamsteker has been part of the company’s board since November 2020, after serving as the Chairman of Powerwrap previously.

Mr Wamsteker has held the role of Executive Director and Interim CEO of Praemium since May 2021.

According to the update, Mr Wamsteker will assume the role effective from the 16th of August 2021.

The official appointment of Mr Wamsteker follows the shock departure of the company’s previous CEO earlier this year.

More on the Praemium share price

Praemium is a global fintech company that provides technology platforms for managed accounts, investment administration and financial planning.

The company boasts more than 300,000 investor accounts covering over $170 billion in funds globally for more than 1,000 financial institutions.

The Praemium share price has powered along in 2021.

Shares in the fintech have soared more than 95% since the start of the year.

The Praemium share price received a boost recently after reporting a promising quarterly update last month.

For the June quarter of 2021, Praemium reported record quarterly inflows of $1.2 billion.

In addition, it highlighted that total funds under administration (FUA) soared to a record of $41.7 billion.

Praemium’s Australian operations led the charge, with a 223% year-on-year increase in FUA. The company’s international platform had a more subdued performance, up 55% year-on-year.

In addition, Praemium also announced that the company had completed a strategic review of its international operations.

The review concluded with the recommendation that Praemium divests its international business through a formal sale process.

According to the update, Praemium’s board supported the recommendation.

As a result, shares in Praemium will receive extra attention this reporting season.

The company is slated to release its full-year results for the 2021 financial year on Monday 16 August 2021.

The post New CEO announcement boosts Praemium (ASX:PPS) share price appeared first on The Motley Fool Australia.

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More reading

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Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Praemium Limited. The Motley Fool Australia has recommended Praemium Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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