Praemium has entered an agreement with Tasmanian financial group MyState Financial and platform provider Powerwrap to launch a MyState badged version of the Powerwrap platform.
Under the heads of agreement MyState will use the Powerwrap platform, which is built on Praemium technology, to deliver investment services including cash, direct equities, managed funds, and separately managed account (SMA) services to its customers under its own branding.
As part of the agreement, Praemium will commit to distributing MyState cash, term deposit and managed fund products on the Praemium SMARTwrap platform.
MyState managing director John Gilbert said his clients wanted a wider choice of investment outcomes and greater transparency.
“Following a comprehensive assessment, we concluded that the Powerwrap platform would deliver us – our advisers and our clients – with a modern-technology, scalable solution, one that enables our advisers to provide our clients with a more efficient, complete service,” Gilbert said.
MyState services about 200,000 customers, has funds under management of $930m and funds under advice of $771 million.
