Investment technology provider Praemium is aiming to raise between $15-25 million when it lists on the ASX near the end of March this year, according to Warren Gibson, group spokesperson.
Gibson said the capital-raising is necessary to lift Praemium “to the next level” with the company planning an expansion to the UK where “several parties” have expressed an interest in its offerings. He said the Praemium board, which includes industry stalwart Don Stammer, is well on the way to determining its listing strategy and is “going through a few things” right now. Praemium is a ‘virtual wrap’ and technology provider for separately managed accounts (SMA), which has gained much support from the financial planning and accountancy markets for its functionality and its flat-fee structure for investment administration. The company provides the technology for the Merrill Lynch SMA which hit the Australian market last year and promised a total admin and MER of under 1 per cent. Gibson said several other fund managers are also looking at creating SMA’s with Praemium. Praemium launched only three years ago and has grown from a staff level of five to 20.
Since taking over the top job at the $44 billion Funds SA more than a year ago, chief executive John Piteo has ushered in an investment function overhaul and wrapped up an important stage of the fund’s five-year data transformation program. It pledges to recentre around investment performance and more efficient processes, as the “missing piece” has been found in incoming CIO Con Michalakis.
Darcy SongJanuary 10, 2025
