Praemium’s V-Wrap chosen by JBWere
National Australia Bank's JBWere has opted to use Praemium Australia Limited's V-Wrap portfolio administration and reporting software.
Praemium announced the transaction today, stating that the agreement had a potential annual value of around $1 million and would see JBWere progressively roll out the Praemium solution for all wealth management client portfolios.
The use of V-Wrap represented a shift from JBWere's use of an internal system and followed a comprehensive assessment process on the part of the company.
Commenting on the move, JBWere chief executive, Justin Greiner, said it was time for the company to make the move away from its internal system.
"JBWere is uniquely positioned for growth. For us to continue to deliver an outstanding service to our clients we need to ensure all of our underlying technologies are best in class," he said.
Praemium chief executive, Michael Ohanessian, said he regarded the JBWere mandate as being a validation of his firm's technology.
"As the wealth management industry continues to evolve, we expect to see other stockbroking and wealth management firms look to outsource more of their technology needs to specialist providers like Praemium," he said.
Recommended for you
Financial advice platform Otivo has made an experienced appointment from the US as its head of product strategy.
Apostle Funds Management has appointed the newly created position of director, head of wholesale as the firm expands its Australian footprint in the wholesale sector.
Recruitment manager Robert Half has shared the most in-demand roles in financial services that firms are finding difficult to fill, driven by ASIC’s growing focus on risk and compliance.
ASIC chief executive, Warren Day, is among senior executives to depart the corporate regulator amid changes to its leadership team.