Praemium has entered into an agreement to sell 100 per cent of its operations in United Kingdom, Jersey, Hong Kong and Dubai to Morningstar. Praemium is divesting of its international business fo
Praemium has entered into an agreement to sell 100 per cent of its operations in United Kingdom, Jersey, Hong Kong and Dubai to Morningstar. Praemium is divesting of its international business fo
Australia-headquartered platform provider Praemium has agreed to sell 100% of its operations in United Kingdom, Jersey, Hong Kong and Dubai (International Business).
“The Praemium board believes an alternative owner of the business will simplify the group, better serving the interests of its clients and better advancing the career opportunities of its employees,” the announcement said.
“Praemium has received unsolicited, strong interest from potential buyers. However, the Praemium board notes that there is no certainty around whether the sale process will result in a binding transaction or whether there will be a decision or recommendation by the Praemium Board to pursue any transaction.”
In the firm’s June quarterly update released today, Praemium chief executive, Anthony Wamsteker, said: “The international business had a standout quarter, with record inflows and funds under administration exceeding $5 billion for the first time. We continue to execute on our on-boarding of new clients and opportunities”.