- Praemium (PPS) agrees to sell its international business to Morningstar for £35 million (A$65.1 million)
- The international business includes Praemium’s operations in the United Kingdom, Jersey, Hong Kong and Dubai
- The sale of its business will allow Praemium to focus on its Australian business
- PPS is expecting to be complete the purchase during the second and third quarter of the 2022 calendar year
- On market close for the day, Praemium is in the grey and trading at $1.41 per share
Praemium (PPS) has agreed to sell its international business to Morningstar for £35 million (A$65.1 million).
The international business includes Praemium’s operations in the United Kingdom, Jersey, Hong Kong and Dubai.
The sale of its business will allow Praemium to focus on its financial and leadership resources in its Australian platform market.
Morningstar is a leading provider of independent investment research in North America, Europe, Australia and Asia.
Praemium CEO Anthony Wamsteker is pleased that Morningstar has chosen to purchase the company’s International Business.
“While enjoying strong sales momentum and technology leadership, the International Business has been operating at a scale disadvantage to its key competitors. Morningstar will bring its global footprint and investment scale to better serve the interests of international clients and better advance the career opportunities of our international employees,” he said.
“Importantly, this sale will allow Praemium to focus its financial and leadership resources on the enormous opportunity in the Australian platform market. It is a significant milestone in our journey to becoming one of Australia’s largest independent specialist platform providers.”
The sale is subject to regulatory approval from the Financial Conduct Authority in the United Kingdom and the Jersey Financial Services Commission in Jersey, and other
customary conditions.
The purchase is expected to be completed during the second and third quarters of the 2022 calendar year.
Morningstar’s President of wealth management solutions, Daniel Needham, is looking forward to welcoming Praemium to the Morningstar team.
“Technology is playing a larger role in everyone’s lives and expectations for how companies deploy it are evolving quickly,” he said.
“Advisers and the investors we jointly serve are no exception, and Praemium’s digital-first
capabilities will allow us to reduce friction, lower costs, provide more choice, and improve efficiency for advisers. This gives advisers time back to deliver better advice, empowering investor success.”
On market close for the day, Praemium was in the grey and trading at $1.41 per share.