Under the deal, Praemium International – the Jersey-based subsidiary of Melbourne-based, ASX-listed Praemium – will provide its platform services, including its separately managed account range, to RBS International's clients outside of the UK.
In a statement issued this morning in Australia, Praemium noted that its platform complies with the UK's Retail Distribution Review requirements. Jersey's answer to the RDR is due to take effect on the first of January, while Guernsey is expected to implement similar rules.
Praemium chief executive Michael Ohanessian noted that banks around the world are realising that wealth management services of the kind Praemium is offering on its platform may provide them with "an important strategy to strengthen relationships with their traditional banking client base".
He added that Praemium provided banks like RBS with a "compelling proposition", given its platform's efficiency, transparency and scalability, alongside the fact that it complies with the recently-reformed financial advice regimes of Australia, the UK and the Chanel Islands of Jersey and Guernsey.
As reported, Praemium has been ramping up its separately managed account business and financial planning technology.
In 2012, Praemium revealed that it was buying a Hong Kong-based provider of customer relationship management (CRM) technology, WealthCraft Systems Ltd, to boost its ability to manage clients' customer relationships, marketing campaigns, client investment and reporting task, and commission/fee payments-handling for their teams of advisers. The cloud-based WealthCraft system is integrated with Praemium’s portfolio administration technology.
