Praemium builds on SMA platform
Portfolio administration provider Praemium has added nine new model portfolios to its separately managed account (SMA) platform since taking it over from BlackRock at the end of last year.
The models are managed by Baillieu Holst, Easton Asset Management, Navin Asset Management and JBWere, which added Australian equities growth and income portfolios, and a listed fixed income portfolio.
According to JBWere executive director of investment services Andrew Tracy, stockbrokers were recognising the broader distribution opportunity of SMA platforms while financial advisers are being attracted by not having to deal with the traditional compliance and administration.
Praemium stated that, since taking over Blackrock's Customised Portfolio Service, its funds under administration have increased 30 per cent to $888 million.
Praemium commercial director Andrew Varlamos said there is "natural efficiency" in being both the operator and technology provider of the platform.
"There's a renewed vigour to grow the market opportunities for us — for Praemium this is a relatively big part of our business, compared to being a small part of a large multinational," he said.
He added that Praemium was committed to a bringing a diversity of models to the platform.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
