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.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
