Bell Potter deal to bring in $6bn for Praemium
Praemium has been selected by Bell Potter as its administration solution, increasing the platform’s funds under administration (FUA) by $6 billion.
Bell Potter will now use Praemium’s Scope+ administration solution to administer over 2,200 client portfolios.
The deal will see Praemium’s FUA increase by $6 billion, representing a 10 per cent increase in Praemium’s total FUA which will stand at $68 billion once the onboarding is complete. For the specific Scope+ solution, it will represent 19 per cent in FUA, which stood at $32 billion as at 31 March.
The support from Bell Potter represents the firm’s investment in high-value adviser partnerships, it said, which aligns with its strategy to lead in premium wealth solutions and capitalise in the growth of high-net-worth (HNW) investors. There is an investable market of $3.2 trillion and over 1 million investors sitting in this space, it previously stated, and the firm has flagged HNW advice as a market focus for the listed platform.
“This partnership reflects growing adviser demand for high-quality, scalable administration services that enhance operational efficiency and support the delivery of sophisticated wealth solutions. The decision by a prominent wealth management firm to partner with Praemium for administration services underscores the group’s leadership position and the strength of its proposition,” it said in a statement.
Bell Potter is owned by Bell Financial Group which has a range of businesses including retail and institutional broking, technology and platforms and products and services encompassing brands like Bell Direct and Desktop Broker.
Bell Potter co-chief executive, Arnie Selvarajah, said: “Our focus is on delivering high-value, client-centric wealth advice. By partnering with a specialist provider like Praemium for administration, we’re able to free up our team to do what they do best – spend more time with clients, and develop tailored strategies, to help them achieve their financial goals.”
Last November, chief strategy officer Denis Orrock shared that the platform is looking to home in on “sophisticated wealth” and be the leading platform for HNW advice.
The platform aims to differentiate itself in the HNW market, he said, in two ways: by service excellence and by being solution-focused. This will include crafting solutions which are unique to the HNW market, collaborating with clients on product development, and providing a proactive and client-centric service.
“We see this as a significant opportunity for advice groups and by virtue of that, a significant opportunity for Praemium. The private wealth market is our target market and HNW advisers are driving the future of wealth management.
“We have reset our market focus and are skewing to where we are strong in the HNW advice space. Our acquisition of OneVue [from Iress] is aligned with that as 70 per cent of the funds under administration there represent significant HNW advice groups who will be new to Praemium post-migration.”
AUTHOR
Laura Dew
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