Praemium inks deal with Perth advice group


By Sarah Kendell

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Praemium has partnered with Perth-based advice and investment management firm Merchant Group in a move that will see advisers able to outsource all portfolio administration tasks to the managed accounts group.

In a statement, Praemium said the new portfolio administration service was an extension of its Praemium Portfolio offering and allowed advisers to access reporting and performance analysis of portfolios for clients, as well as providing a digital portal for clients to view and track their investments.

Merchant Group is the first advice firm to sign up for the service, which will allow it to outsource administration for clients’ personal and self-managed superannuation fund investments.

Commenting on the agreement, Merchant Group director Andrew Chapman said Praemium’s market-leading platform technology and reporting had been a natural choice for the firm.

“To be able to manage all our clients on one platform and outsource our administration creates significant cost and time savings, which frees us up to focus on value-added services for our clients,” Chapman said.

Praemium chief executive Michael Ohanessian said launching the new administration service had been a natural next step for the group.

“The rise of managed account platforms is disrupting the use of collective structures such as managed funds and master trusts,” Ohanessian said.

“That said, wealth managers will continue to hold direct securities off platform as a key wealth-creation strategy.

“Praemium’s unrivalled reporting capabilities with an administration overlay makes this strategy viable and efficient for advisers while delivering an intuitive digital experience through our feature-rich investor portal.”

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