Australian-based financial services platform provider Praemium is set to extend its global footprint, having entered into a memorandum of understanding to provide key services and reporting tools to UK platform Cofunds.
Praemium announced the new deal to the Australian Stock Exchange today, and said that initial implementation would involve the provision of a Capital Gains Tax calculation service using Praemium’s proprietary CGT engine, a core part of its V-Wrap portfolio administration and performance analysis system.
The transaction appears to have been driven, in part, by a recent UK Government report recommending far-reaching changes to Capital Gains Tax arrangements.
Commenting on the deal, Praemium managing director Arthur Naoumadis said it represented an avenue for the company’s expansion into the UK marketplace.
“As the leading independent platform in the UK, Cofunds has consistently demonstrated the value it adds to its fund manager and intermediary clients,” he said. “Integrating Praemium services will further enhance the benefits Cofunds delivers to those clients.”