Praemium signs WA portfolio administration client
Praemium has signed Perth-based financial planning and investment manager, Merchant Group as its first client for a new administration service which allows financial planning practices to outsource the administration of their client portfolio.
The new service would extend Praemium’s existing portfolio service which offered performance analysis and a digital client portal, combined with Praemium separately managed accounts (SMA) for professional investment management, the firm said.
Also, under the agreement with Merchant Group, Praemium would provide administration for their clients’ personal and self-managed super fund (SMSF) investments.
Praemium’s chief executive, Michael Ohanessian said: “The rise of managed accounts platforms is disrupting the use of collective structures, such as managed funds and master funds, in favour of directly held securities.
“That said, wealth managers will continue to hold direct securities “off-platform” as a key wealth creation strategy.
“Launching a portfolio administration service was a natural next step for Praemium, and we are delighted to have a quality firm like the Merchant Group as our first client.”
According to Merchant group’s director Andrew Chapman the deal would help manage all the clients on one platform while outsourcing of administration would create significant cost and time savings.
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