Synaptic Systems has selected Australian portfolio administration provider Praemium to offer separately managed accounts (SMA) and general wrap services in the United Kingdom.
UK-based Synaptic is to take up and brand the Praemium service, and will provide assistance and advice to Praemium during the SMA/wrap’s development stages.
Both parties have entered into a non-binding heads of agreement, which allows for a 120-day period to finalise negotiations for a formal contract.
Therefore, a number of the proposed service’s key elements, such as fee arrangements, are yet to be agreed to, but it has been determined that Praemium’s revenue will be delivered under an asset value fee structure.
Synaptic provides software solutions to UK financial planners and has a client base of 11,000 advisers.
