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Praemium strikes international platform deal

ASX-listed financial services technology firm Praemium has entered into an agreement with the UK-based Royal Bank of Scotland to provide international platform services.

In a statement to the securities exchange, Praemium chief executive Michael Ohanessian said the deal builds on the platform provider’s escalating global presence.

“[The Praemium International platform is] a ready-made solution that meets the requirements of financial advice reforms in Australia, the UK and the Channel Islands of Jersey and Guernsey,” he said.

“We already have important relationships with some of Australia’s leading banks that have developed and we look forward to working with The RBS International,” he said.

Speaking to ifa, Praemium chief financial officer Paul Gutteridge said Praemium International's separately managed account (SMA) platform is based in Jersey in the Channel Islands.

“We launched the Jersey platform just over 12 months ago. It leverages our UK/London office and is a stand-alone SMA platform based in Jersey targeting ex-pats across the world,” he said.

Mr Gutteridge said it was too early to say what the deal would be worth to Praemium.

“It will all depend on the flows RBS ends up putting on [the platform], but we see it having the potential of being a significant deal for us,” he said.