Praemium secures UK deal
Arthur Naoumadis
Australian-based financial services platform provider Praemium is set to extend its global footprint, having entered into a memorandum of understanding to provide key services and reporting tools to UK platform Cofunds.
Praemium announced the new deal to the Australian Stock Exchange today, and said that initial implementation would involve the provision of a Capital Gains Tax calculation service using Praemium’s proprietary CGT engine, a core part of its V-Wrap portfolio administration and performance analysis system.
The transaction appears to have been driven, in part, by a recent UK Government report recommending far-reaching changes to Capital Gains Tax arrangements.
Commenting on the deal, Praemium managing director Arthur Naoumadis said it represented an avenue for the company’s expansion into the UK marketplace.
“As the leading independent platform in the UK, Cofunds has consistently demonstrated the value it adds to its fund manager and intermediary clients,” he said. “Integrating Praemium services will further enhance the benefits Cofunds delivers to those clients.”
AUTHOR
Mike Taylor
Recommended for you
A former AMP adviser told the Federal Court how they are scared to turn off their phone after a fellow adviser attempted suicide as Justice McElwaine said the 92 objections “weighed heavily” on his mind.
Providence Wealth Advisory Group has appointed a new chief investment officer, a dedicated position after the role was previously held by its CEO.
While hiring new staff in a financial advice practice inevitably incurs expenses, Striver’s Alisdair Barr says the greater business cost can come from losing the skills of a valuable team member.
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
