Praemium’s non-custodial Virtual Managed Account (VMA) Administration solution has hit $6 billion in funds under administration (FUM), just 18 months since its launch.
Ten clients now use the service, accounting for over 4,000 portfolios, which represented a 15-fold increase since last December. The addition of two large clients this April, Morgan Stanley and Shaw & Partners, helped reach this milestone, with both clients now being live.
“Offering admin services for VMA accounts is another step in the evolution of managed accounts solutions,” Praemium chief executive, Michael Ohanessian said.
The service was launched to support Praemium’s non-custodial VMA solution, which currently had over $100 billion in assets.