Praemium secures UK deal
Arthur Naoumadis
Australian-based financial services platform provider Praemium is set to extend its global footprint, having entered into a memorandum of understanding to provide key services and reporting tools to UK platform Cofunds.
Praemium announced the new deal to the Australian Stock Exchange today, and said that initial implementation would involve the provision of a Capital Gains Tax calculation service using Praemium’s proprietary CGT engine, a core part of its V-Wrap portfolio administration and performance analysis system.
The transaction appears to have been driven, in part, by a recent UK Government report recommending far-reaching changes to Capital Gains Tax arrangements.
Commenting on the deal, Praemium managing director Arthur Naoumadis said it represented an avenue for the company’s expansion into the UK marketplace.
“As the leading independent platform in the UK, Cofunds has consistently demonstrated the value it adds to its fund manager and intermediary clients,” he said. “Integrating Praemium services will further enhance the benefits Cofunds delivers to those clients.”
AUTHOR
Mike Taylor
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
