Praemium has announced a major technology upgrade and a new rebrand for its global investment platform.
In a statement, Praemium said the upgrade will expand its addressable market from the $62 billion managed accounts segment to the $860 billion overall platform market.
Praemium said it will deliver its Unified Managed Accounts (UMA) solution, through the combination of:
As a result, financial advisers will have an expanded investment universe of 1,300 domestic and international model portfolios and single investment assets.
Praemium chief executive Michael Ohanessian said the breakthrough is in having combined SMAs with bespoke investments in a singular experience.
“This compares dramatically to traditional wrap platforms that have tried to overlay SMAs into their technical and regulatory architecture,” Mr Ohanessian said.
“Our new Praemium branding underscores the unified nature of our integrated custodial and non-custodial solution across a broad investment universe.
Last month, Praemium announced funds under administration (FUA) of $8.4 billion at the end of 2018, a 14 per cent increase over the past 12 months.
It also announced combined quarterly gross inflows of $768 million, as well as annual gross inflows of $2.8 billion, up 10 per cent from the 2017 calendar year.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.