Praemium extends UK push
Arthur Naoumidis
Publicly-listed financial services software provider Praemium has move to consolidate its position in the UK market, announcing today that it has lodged an application with Britain’s Financial Services Authority for authorisation of a new range of its SMARTfund sub-funds product.
The company announced to the Australian Securities Exchange today that the five new funds would replace the original ‘proof of concept’ sub-funds and were risk-based fund of fund portfolios that would be managed by UK research house Old Broad Street Research (OBSR).
Commenting on the move, Praemium chief executive Arthur Naoumidis said risk-based models were becoming the dominant operating model for meeting the UK’s tough new regulatory and compliance requirement.
He said that OBSR had a strong reputation amongst independent financial planners, with many using the company to construct their product panels.
“By bringing these risk-based models within the SMARTfund collective investment scheme structure, advisers will be able to access funds which are constructed on the research they already use but within a more tax efficient environment,” Naoumidis said.
He said Praemium expected to receive confirmation that it could launch its new offering within six to eight weeks.
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