SIV holder signs up to Praemium SMA

Praemium has signed up its first client under the federal government’s Significant Investor Visa (SIV) program, following the approval of its simple managed account (SMA) platform as a complying investment under the scheme.

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by Reporter - July 16, 2013 0 comments

In a statement to the Australian Securities Exchange yesterday, the listed platform provider pointed to a number of changes within the business as accounting for the company’s ability to capitalise on the visa scheme.

“Managing cross-border relationships requires particular skill sets and considerations, especially around transparency,” said Praemium chief executive Michael Ohanessian.

“Praemium’s SMA platform is an ideal structure for the SIV scheme as it provides applicants with beneficial ownership of Australian equities within a transparent managed investment scheme legal structure.

“Now that we have signed up our first investor we anticipate that the SIV scheme will drive significant inflows to our SMA platform, which continues to grow strongly, with funds in excess of $0.9 billion.”

Mr Ohanessian said the multinational company was looking forward to building its SIV investor partnerships, particularly in Asia.