Praemium targets overseas investors
Portfolio administration provider Praemium has announced that its separately managed account (SMA) platform has signed up to the Government's Significant Investor Visa (SIV) scheme.
The scheme was introduced in last year's Federal Budget and is designed to fast-track wealthy visa applicants to Australia.
Eligible applicants must invest a minimum of $5 million into State or Territory government bonds, Australian Securities and Investments Commission-regulated managed funds, and/or direct investment into Australian companies.
Praemium commercial director Andrew Varlamos said the company is working with a number of partners who are helping their clients apply under the SIV scheme.
These highly sophisticated investors have either their own operations or relevant relationships in Asia, he said.
"They are based offshore but know the Australian stock market, and value the ability to see those well-known Australian shares in their portfolios," he added.
With Praemium's SMA platform regulated as a managed investment scheme, Varlamos said attracting these foreign investors is made easier by using a transparent investment vehicle.
According to estimates made by The Trust Company's Andrew Cannane in December last year, around $1 billion had already been committed to funds that fall under the SIV scheme.
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