Praemium continues offshore wealth push


By Kate Kachor

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Praemium has secured strong offshore interest for its financial planning and customer relationship management (CRM) system, WealthCraft.

The listed online financial portfolio administrator informed the market yesterday that the pipeline for WealthCraft in Asia’s wealth management sector was steadily climbing.

The greater China region was one of the fastest-growing wealth management markets in the world and Praemium was experiencing substantial interest for its WealthCraft proposition, the company said in a statement to the Australian Securities Exchange.

Two international advisory firms have adopted the system and also signed up to the Jersey-based Praemium International separately managed account (SMA) platform.

“The integration of the WealthCraft front end with our SMA investment platform is progressing well,” Praemium chief executive Michael Ohanessian said.

“Clients see the potential synergies and scalability of our combined and complete solution, including third-party data feeds. Our platform is on track to provide a complete, all-encompassing wealth management solution.”

Praemium acquired the Hong Kong-based company in September last year and had undertaken trials in Australia with four existing Praemium customers since March.

Since then, Praemium has rolled out the platform to the Australian market.

The WealthCraft CRM offers a cost-effective, scalable solution that will comply with the Future of Financial Advice reforms.

As at 30 September 2013, Praemium’s group cash balance was $8.5 million.

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