Credit Suisse contract for Praemium’s V-Wrap
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.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
