Præmium gets nod from Jersey regulator

As reported, the new Præmium Discretionary Platform Service will be available to financial advisers, discretionary managers and trust companies based in the Channel Islands as well as in most key non-Channel Islands and non-UK jurisdictions. UK-based firms will also be able to use the platform to look after their offshore-based and UK-non-domiciled clients.

The Jersey Financial Services Commission’s approval of Præmium International’s plan to offer online investment administration and reporting services is understood to have come late last week, and was announced this morning in Australia, where Præmium UK’s publicly-traded parent company is based.

John Martin, chief executive of the UK operation, said the new Jersey-based offshore platform will enable Præmium to provide discretionary managers “with a scalable portfolio management platform which will allow them to grow their business quickly and efficiently”.

Advisers who use the platform will gain the ability to outsource their investment management to professional money managers while maintaining their relationships with their clients, he added, and trustees will be able to take advantage of Præmium’s “comprehensive reporting available through the platform, which enables them to more easily meet their fiduciary responsibilities”.

Præmium Ltd is one of Australia’s largest providers of online financial portfolio administration, separately managed account and wrap platform technology. It administers A$46.5bn  (US$49.6bn) of assets in Australia, and has more than £244m (US$349.1m) worth of funds on the platforms it operates in the UK. The company currently provides services to more than 500 financial institutions and intermediaries, including some of the world’s largest.

At a glance: 
Præmium International’s Discretionary Platform Service