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
Grant Hackett has been promoted from CEO of Generation Life to head up the wider Generation Development Group.
Tribeca Investment Partners has made a distribution hire from Australian Ethical in a newly-created role focused on the national intermediary market.
Asset managers may be urged to diversify their product ranges, but investment executives have warned any M&A deal should avoid simply filling gaps and instead consider long-term value creation.
Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equity firm.
