Virtual wrap provider Praemium Portfolio Services is set to add to its recent list of deals with the pending announcement that the system will be linked to Skandia’s investment platform, Skandia One.
Since January this year Praemium has signed deals with CARM, InvestmentLink and Paritech. It has also picked up a $400 million mandate with another $800 million contract scheduled from two yet-to-be-named groups.
The online service which consolidates listed securities, managed funds and other assets including property and syndications, and takes data feeds from existing wrap accounts is in use by more than 100 practices covering more than 400 advisers according to senior product manager Warren Gibson.
At the time of press Skandia was unavailable for comment while Gibson was unable to confirm the details of the deal however sources have reported to Money Management that an agreement is in the pipeline.
The deal would bolster Praemium’s positioning in the market with Gibson stating the group is on target to have $3 billion in funds under administration by the end of July.
Apart from striking deals with CARM for data storage and analysis, Paritech for market data and InvestmentLink for consolidated reporting and online transactions and seamless portfolio management services, Praemium has also signed a similar deal with Ausmaq.
Gibson says the group, which charges a flat fee of $200 per annum per client portfolio, has finished building separately managed accounts (SMA) functionality into the services and is looking for a local portfolio manager. It is in talks with a leading SMA group in the US to provide access into the offshore market.
