Praemium takes over BlackRock SMA
Members of BlackRock's $660 million separately managed account (SMA) managed investment scheme have voted overwhelmingly in support of Praemium taking over as the responsible entity.
Praemium is currently the provider of investment platform technology and related services for the scheme, according to BlackRock, which stated it was looking to focus exclusively on delivering asset management and risk management solutions for Australian clients.
The motion was supported by 98.7 per cent of votes in a member meeting on Friday, and will become effective from 17 December once the Australian Securities and Investments Commission has registered Praemium as the responsible entity (RE).
Currently branded the BlackRock Customised Portfolio Service, the scheme will be rebranded as the Praemium Customised Portfolio Service once Praemium takes over as the RE.
"We welcome the BlackRock staff to our team and look forward to continuing to invest in and grow this exciting product," said Praemium chief executive Michael Ohanessian in a statement to the Australian Securities Exchange.
"We are pleased to be offering reduced administration fees to investors and will soon be releasing additional enhancements and features to make the product even more attractive to the market."
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.