UK firms warm to SMARTfund
Australian portfolio administration service provider Praemium has strengthened its presence in the UK market by signing up three UK financial planning firms to its SMARTfund offering.
The firms — Foster Denovo, Informed Financial Planning and Radcliffe & Newlands — have signed ‘letters of engagement’ with Praemium to set-up their own SMARTfunds.
SMARTfunds are a UK adaptation of separately managed accounts (SMA). Under the agreement, SMARTfunds will enable the signatory firms to launch their own branded SMARTfunds and/or to use Praemium’s own range of SMARTfunds. There are currently five risk-based fund of fund portfolios in the UK market under the SMARTfund brand.
In making the announcement, Praemium managing director Arthur Naoumidis said the three firms signing up to launch Praemium’s UK SMARTfund “demonstrates the ongoing appetite in the UK market for adviser-sponsored funds and the appeal of the unique SMARTfund structure to meet this need”.
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