The chief executive of platform provider Praemium said that the sale of its international arm has entered the “final phase”.
This comes months after the Australia-headquartered firm announced it would sell the international operation following a strategic review.
Anthony Wamsteker, chief executive of Praemium, said at the company’s annual general meeting on 17 November: “This was an interesting decision for us to take. On the one hand, the international business is performing brilliantly. Having committed to the international market for many years, the people leading that part of the business have really started to achieve the type of success that we always hoped to achieve.
“On the other hand, however, it still has a very small market share internationally – even smaller than what we regard as a sub-scale market share in our home market here in Australia. On balance, we decided to stop chasing two enormous opportunities and focus on one – and the one at home won out.
“The sale process is continuing. I am pleased to report that it has entered the next, and hopefully, final phase. We are currently negotiating a legal agreement and business separation terms. I cannot divulge any more details at this stage, except to say that we would not have entered this phase of the process unless we were relatively confident that acceptable terms would ultimately be reached.”
Praemium has still not announced the buyer of the international business, which, in June 2021, had record inflows and funds under administration exceeding A$5bn (£2.7bn, $3.7bn, €3.16bn) for the first time.
Right fit
Mark Sanderson, managing director of Praemium UK & International, added: “The focus throughout has been on finding a potential new owner that is the right fit for us and the right fit for our clients.
“I am pleased to say that we are currently negotiating a legal agreement and business separation terms.”
The Praemium international business is based in UK, Jersey, Dubai and Hong Kong, and includes the Praemium platform servicing the UK and International markets, Smart Investment Management, and the CRM systems Wealthcraft and Plum.
