Praemium announces fintech partnership with Complii

praemium mercer compliance M&A

10 November 2023
| By Jasmine Siljic |
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Praemium is set to strategically partner with capital markets platform Complii Fintech Solutions, resulting in greater client interaction and cross-referrals between the two firms. 

Complii is a fully integrated capital markets platform for both financial advisers and brokers, offering compliance, capital raising and operational services. 

Praemium is a shareholder in the digital platform and currently holds nearly 12 million shares, representing 2 per cent of Complii’s total shares. 

The strategic partnership will provide an expanded suite of services, enabling the two platforms to collaborate on cross-selling between their respective client bases and strengthen their marketplace positioning.

Moreover, it will allow for greater technology cohesion, product integration and seamless client interaction.

Craig Mason, executive chairman of Complii Fintech Solutions, is delighted to partner with Praemium to cement their longstanding relationship.

“With closer platform integration and active referrals, this collaboration will see the Complii Group acquire new customers cost effectively, significantly expanding our reach. Importantly, our existing customers will have access to an expanded suite of products and services, further enhancing their experience,” he remarked.

Denis Orrock, Praemium’s chief strategy officer, looks forward to working alongside the digital platform as well as the future market opportunities it will create.

He said: “We believe this partnership will not only enhance our combined service offering to the financial services market but will strengthen client relationships and create a positive impact to the industry through greater integration and cooperation between the two companies.”

Praemium recorded a 14 per cent annual growth in funds under management (FUM) for the 2022-23 financial year, now managing more than $140 billion in FUM for Australia’s financial institutions.

In September, the investment platform also announced a new administration services agreement with Mercer, with the platform initially hosting close to 400 Mercer client portfolios.

The agreement with Mercer looks to utilise Praemium’s virtual managed account (VMA) solution, which currently hosts more than 60,000 separate portfolios, and administration services (VMAAS) that supports over $24 billion in funds under administration.

A month prior, Praemium released its FY23 results. The firm saw strong revenue growth of 17 per cent to $74.3 million, underpinned by strong net inflows, positive equity market valuations and improved cash administration fee contribution.

Net profit after tax stood at $15.2 million and some $37.3 million was returned to shareholders from the sale of its international business to Morningstar in 2022. 
 

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