Praemium cuts UK jobs
Australian-based financial services technology platform provider Praemium has announced that it will be cutting jobs within its United Kingdom operation.
The company announced to the Australian Securities Exchange today that it would be restructuring its UK business, with the result that a number of permanent full-time roles would be made redundant or converted to part-time roles.
It claimed the move would result in a reduction in the company’s UK operating cost base of around £2 million.
Commenting on the move, Praemium chief executive Arthur Naoumidis said notwithstanding the fact that the UK financial markets had been severely affected by the global economic crisis, the company continued to be confident about the prospects of its offering in the UK.
“Lowering our UK costs is an exercise of prudent financial responsibility across our overall business,” he said. “With the Australian business now moving into profit, this reduction of our UK cost base enables the company to pursue our UK growth in the current economic environment.”
AUTHOR
Mike Taylor
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
While efficiency remains a top priority for Australian advisers, State Street has revealed the profession is now juggling this desire with the need to maintain personalisation of its service offering.
A possible acquisition of data provider Iress is becoming a greater likelihood after the firm announced it is engaging with multiple interested parties.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
