Merrill Lynch partners with Praemium
Arthur Naoumidis
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.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
