Distribution head departs Praemium

Martin Morris, head of distribution at Praemium, has departed the firm after seven years. 

Morris joined the firm in August 2016 as chief distribution officer and was also a director at the ASX-listed firm. 

Writing on LinkedIn, he said: “The experience has been amazing and the team over that time built an amazing business and now it is the time for a new cohort to lead the business and its strategic direction.

“I have worked with some amazing people in the senior leadership team over the years, allowing me to build enduring relationships beyond Praemium, and will always be grateful for the exemplary focus and efforts of the sales and marketing teams in building the brand of the business to what it is today. 

“Importantly, none of this could have been possible without the support of the financial advisory groups using Praemium and I have equally enjoyed the partnerships we forged.”

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Following his departure, the distribution team would now report to Denis Orrock, who joined Praemium in November 2022 as chief strategy officer. He was responsible for reviewing client services, distribution, marketing and platform operations at the business. 

In its most recent results, the firm said it had reported a net profit after tax (NPAT) of $9.1 million in the first half of FY23, up from a $2.6 million loss in the first half of FY22. This was the first financial result since the firm sold off its international business to Morningstar in June 2022, which resulted in a one-off NPAT of $43.6 million.

Praemium recently hired Richard Large from the Future Fund as its chief technology officer, who would oversee the development and execution of its technology strategy.