Praemium, the online portfolio administartion provider, has signed up another major broker, Ord Minnett, and continued its push into the UK.
The deal gives Ord Minnett clients access to Praemium’s on-line portfolio reporting. Praemium also provides portfolio administration services for Blackrock’s SMA. Arthur Naoumidis, Praemium managing director, said it was great to have another major broker on board. Naoumidis is also continuing the group’s push into the UK and returned from a number of speaking engagements at financial planning conferences in the country last week. “We’re actually very different to all the other players here…We’re coming at it from a different angle,” he said. In the UK, Praemium secured deals with Synaptic Services and Argenta Private Capital for the provision of portfolio administration services earlier this year and is hopeful of signing up more clients in the UK by the end of this year. Praemium raised $18 million in an IPO in May this year, of which more than half is to be used for its UK expansion.
The $34 billion Brighter Super is set to shift a significant proportion of equities assets in MySuper from passive to active management. Chief investment officer Mark Rider says the move is possible because of the scale created by mergers, and the fund will be looking to its newly appointed active managers to generate performance through the cycle by taking idiosyncratic risks.
Darcy SongJanuary 21, 2025
