Green light for Praemium, HFA floats
By Ross Kelly
HFA managing director and founder Spencer Young will pocket a colossal $66 million from the partial listing of the hedge fund manager.
Owner MFS’ shareholders approved the sale at an extraordinary general meeting, in which it was also agreed that MFS maintain a 39 per cent holding.
MFS acquired HFA for about $3 million less than three years ago and it is now worth more than $200 million.
In other news, administration provider Praemium Portfolio Services has announced its intention to list on the Australian Stock Exchange (ASX) through an $18 million initial public offering.
Praemium provides an online service that consolidates listed securities, managed funds and other assets including property and syndications, and takes data feeds from existing wrap accounts.
Last year it also teamed up with Merrill Lynch to provide a white label self-managed account product for financial planners and brokers.
According to founder and managing director Arthur Naoumidids, there are now more than 220 financial services organisations using Praemium products including CARM and InvestmentLink.
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