Praemium cuts a Fat deal
Publicly-listed financial services information technology platform provider Praemium has taken another step in expanding its reach in the United Kingdom, announcing that it has signed a letter of engagement with Fat Prophets UK to launch a Fat Prophets-branded version of Praemium’s separately-managed account (SMA) offering.
The company told the Australian Securities Exchange (ASX) today that under the terms of the engagement, Praemium would seek approval from the UK regulator to enable its wholly-owned UK subsidiary, Smart Operator, to launch a Fat Prophets-branded version of the SMA offering.
Commenting on the move, Praemium managing director Arthur Naoumidis said Fat Prophets was well acquainted with the SMA concept and was well-positioned to distribute the offering in the UK.
Fat Prophets already offers its own branded SMA in Australia under a white-labelled service based on Praemium’s technology.
The announcement of the arrangement with Fat Prophets comes only days after Praemium released its March quarter result to the ASX revealing negative net operating cash flows of over $1.1 million but at the same time announcing the development of an interface between its V-Wrap product and Coin’s financial planning suite.
AUTHOR
Mike Taylor
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