Merrill Lynch Equities Australia has appointed portfolio administration provider Praemium to service its private client wealth management division.
Praemium’s signature online service V-Wrap will provide the Merrill Lynch private client base with consolidated reports covering multiple asset classes as well as tax reports.
Merrill Lynch Australia market director and head of global wealth advisory, Tom Alexy, said the partnership will enable the firm to better cater for its increasingly sophisticated and globally-aware high-net-worth clients.
“This partnership with Praemium will provide our clients with the best-in-class tax reporting and portfolio administration service in Australia and enable us to combine our offshore multicurrency capabilities in both emerging and developed markets with our leading onshore research and domestic equity, derivative and prime brokering capabilities.”
Praemium’s V-Wrap service currently administers more than $28 billion.