Platform Praemium has updated on the progress of its integration with OneVue, which it acquired from Iress earlier this year.
It was announced in April that Praemium had completed the acquisition of OneVue from Iress which would bring over $4.1 billion in funds under administration.
In an investor presentation, Brett Marsh, head of OneVue integration at Praemium, said 70 per cent of advisers coming from OneVue fit into Praemium’s target market of family offices, private wealth and wholesale advice.
Praemium is focused on four streams of staff, client, product and technology as it progresses with the integration.
Touching on the OneVue staffing and what has happened to them since the acquisition, Marsh said a deep level of knowledge had been brought over with the staff.
“We have been asked about the addition of OneVue staff into Praemium. I am pleased to say they bring a level of deep knowledge which overlaps with Praemium knowledge, and there is also some complementary knowledge too which can deepen and extend the existing knowledge base.
“We’ve had some staff from OneVue who get promoted to roles in the broader Praemium, recognising their capabilities and being able to extend their value across all of Praemium’s products and services.”
Marsh also touched on synergies achieved by the acquisition, which the firm previously stated would be expanding the Praemium client base, increasing market share, and strengthening its position in the Australian market.
“We look for synergies between the two firms so shareholders can get value too. The approach we are taking is a progressive approach. We won’t just be waiting until the end. We are looking at opportunities as they arise and capturing the synergies early.
“As we look forward to capturing synergies, we are looking at how we have a duplicated tech stack now and in the future that won’t be duplicated. We will be looking at our base level resourcing and, finally, at supply management where we can get a greater level of scale and lower cost.”
In its FY24 results earlier this year, Praemium stated it is planning to capture platform migration occurring among financial advisers to drive its future growth.
Chief executive Anthony Wamsteker said: “I really do think there’s still a lot of migration from one platform to another in the market happening. We really want to meet the needs of the advisers who are part of that migration, who are moving from one platform to another. We felt we were missing some of it, hence the importance of this [IDPS] journey.”
