Praemium’s V-Wrap chosen by JBWere
National Australia Bank's JBWere has opted to use Praemium Australia Limited's V-Wrap portfolio administration and reporting software.
Praemium announced the transaction today, stating that the agreement had a potential annual value of around $1 million and would see JBWere progressively roll out the Praemium solution for all wealth management client portfolios.
The use of V-Wrap represented a shift from JBWere's use of an internal system and followed a comprehensive assessment process on the part of the company.
Commenting on the move, JBWere chief executive, Justin Greiner, said it was time for the company to make the move away from its internal system.
"JBWere is uniquely positioned for growth. For us to continue to deliver an outstanding service to our clients we need to ensure all of our underlying technologies are best in class," he said.
Praemium chief executive, Michael Ohanessian, said he regarded the JBWere mandate as being a validation of his firm's technology.
"As the wealth management industry continues to evolve, we expect to see other stockbroking and wealth management firms look to outsource more of their technology needs to specialist providers like Praemium," he said.
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