Praemium targets overseas investors
Portfolio administration provider Praemium has announced that its separately managed account (SMA) platform has signed up to the Government's Significant Investor Visa (SIV) scheme.
The scheme was introduced in last year's Federal Budget and is designed to fast-track wealthy visa applicants to Australia.
Eligible applicants must invest a minimum of $5 million into State or Territory government bonds, Australian Securities and Investments Commission-regulated managed funds, and/or direct investment into Australian companies.
Praemium commercial director Andrew Varlamos said the company is working with a number of partners who are helping their clients apply under the SIV scheme.
These highly sophisticated investors have either their own operations or relevant relationships in Asia, he said.
"They are based offshore but know the Australian stock market, and value the ability to see those well-known Australian shares in their portfolios," he added.
With Praemium's SMA platform regulated as a managed investment scheme, Varlamos said attracting these foreign investors is made easier by using a transparent investment vehicle.
According to estimates made by The Trust Company's Andrew Cannane in December last year, around $1 billion had already been committed to funds that fall under the SIV scheme.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
