Portfolio administration provider Praemium has landed what it says will be its cornerstone client in the UK.
Praemium has signed a non-binding heads of agreement with Argenta Private Capital, which is a licensed Lloyd’s Advisor and members’ agent. Praemium and Argenta have 120 days to finalise negotiations. Arthur Naoumidis, Praemium’s managing director, said he had been working on the Argenta deal for several months. “This is the one I have been waiting on. This, we believe, will be the backbone of Praemium in the UK,” he said. Naoumidis said Argenta was interested in Praemium’s standard portfolio administration product, and would also look at its separately managed account and wrap services. Argenta provides risk advice and administrative services for Lloyds 800 high net worth members. In July Praemium entered into its first contract in the UK, with Synaptic Services. Naoumidis said the deals were complementary, with Argenta opening up the high net worth end of the market, and Synaptic opening the mid-market, mid-tier distribution end. When Praemium listed on the Australian stock exchange earlier this year, it earmarked $10 million of the $18 million it raised through the public float for expansion in the UK.
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
