Praemium signs first SIV investor to SMA
Praemium has signed its first investor under the Significant Investment Visa (SIV) scheme, resulting in a single investment of millions of dollars via its Separately Managed Account (SMA) service.
The SIV scheme is administered by the Federal Government and allows applicants for an Australian visa to be fast-tracked if they can invest a minimum of $5 million into complying investments.
Praemium commercial director Andrew Varlamos said the deal was completed last week and the majority of the $5 million was placed via the group's SMA facility and was sourced by advisory firms who have business relationships in Asia.
Varlamos said Praemium expected to see further funds invested via the group as it was also working with an institution that had a network within Asia, with the two partners providing the advice for clients who invested via the SMA.
"The advice is similar to private banking and is a precursor to the investor looking at relocating to Australia with the aim of gaining citizenship," Varlamos said.
Praemium had been preparing for 12 months to become a complying investment provider under the SIV scheme, according to Varlamos, with the SMA — regulated as a Managed Investment Scheme — becoming a complying investment under the SIV Scheme.
Varlamos said the benefit of investors using the SMA under the SIV scheme means they are able to track their investments from overseas due to the transparency available within the SMA, while investing via a complying structure.
Recommended for you
Australian Ethical Investment has announced the resignation of Andy Gracey, a portfolio manager and 20-year veteran of the firm.
Blackwattle Investment Partners has announced changes to its portfolio management as an equity manager who joined at the firm's foundation departs.
Fixed income managers have shared how they are reacting to rising intermediary demand for bonds, and whether they are likely to expand their ranges into private credit.
ETF servicing provider Calastone has entered into an agreement to be acquired by SS&C Technologies in a $1.5 billion deal.
