Online portfolio administration service provider Praemium has been contracted to provide a capital gains tax (CGT) calculation service to UK investment platform provider Cofunds.
The contract with Cofunds, which has £14.6 billion under administration, replaces a memorandum of understanding signed by the two companies last November.
Praemium’s proprietary CGT engine, a core part of its V-Wrap and portfolio administration analysis system, will be used in the CGT calculation service to Cofunds, according to Praemium managing director Arthur Naoumidis.
He said the two companies would now look to build the range of services provided, including the provision of the UK version of a separately managed account and V-Wrap services to Cofunds clients.
