Credit Suisse has selected Praemium’s V-Wrap to provide portfolio administration services to its recently launched, Sydney-based Australian Private Banking division.
The contract, which brings total funds administered by V-Wrap to $20 billion, is the first since V-Wrap underwent a name change last November from Portfolio Administration System (PAS).
It follows a contract signed with Ord Minnett in October last year, just before the name change, to supply an online portfolio reporting service.
The Credit Suisse contract will see V-Wrap support the wealth management solutions Credit Suisse’s Private Banking division is offering to its high-net-worth customers, according to Praemium managing director Arthur Naoumidis.
“V-Wrap is an ideal fit for the profile of clients which Credit Suisse is attracting, as it provides secure, high-quality, fully supported and easily accessible reporting services,” he said.
