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.
AUTHOR
Oksana Patron
Recommended for you
The corporate regulator has cancelled the AFSL of a Perth advice firm, with the firm having previously seen its licence temporarily suspended in 2020.
Having proposed changes earlier this year, ASIC has clarified how it will support licensees with additional relief under the reportable situations regime.
AMP has partnered with BlackRock and research house Lonsec to provide a model portfolio capability on its North platform that offers “portfolio customisation at scale” to advice practices of all sizes.
Money Management rounds up actions ASIC took against advice individuals in the first half for FY25 from exam falsifications to dishonest conduct.
