Praemium cleared to operate in Jersey
Praemium International has received approval from the Jersey Financial Services Commission to operate as an investment business in the Channel Islands, Praemium stated.
Praemium International, a subsidiary of Praemium's UK business Praemium Portfolio Services, will now be able to provide online investment administration and reporting services in the Channel Islands, and UK based firms will also be able to use the platform to service offshore clients, Praemium stated.
Praemium said it has identified significant demand for its discretionary platform service from advisers, discretionary managers and trust companies based in Jersey and other offshore jurisdictions.
"We have identified significant interest in our platform capability over the last 12 months from firms looking to enhance their investment services offshore. There are currently few alternatives that provide platform based solutions in this area," said Praemium Group chief executive Arthur Naoumidis.
"We see significant opportunity for a multi-currency platform which will provide access to investments managed either directly or within [qualifying recognised overseas pension schemes] and offshore bonds in many different jurisdictions."
Firms such as London & Capital, which has already identified opportunities for its established practice areas to use the platform and plans to transfer funds to it, can now go live, Praemium stated.
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