Praemium handed Powerwrap stake
Financial services platform provider, Praemium Limited has taken a 20 per cent stake in Powerwrap Limited.
In an Australian Securities Exchange (ASX) announcement released today, the company said it had been issued with the 20 per cent equity stake “at Powerwrap’s election” and “in lieu of certain payments that Powerwrap would otherwise have made under the partnership agreement between the two companies”.
The announcement said Praemium is also entitled to appoint a director to the board of Powerwrap.
It said that Praemium’s equity interest in Powerwrap would deepen the existing commercial relationship between the two and allows the prospect of enhanced future returns from the complementary offerings of each company.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
