Technology provider Praemium Limited will target Germany, France and Spain after signing a deal with Capita, Britain’s largest financial services support provider.
Those countries are targets for Praemium’s separately-managed account (SMA) platform because they have established managed investment cultures, Praemium managing director Arthur Naoumidis said.
“Our focus is England first [but] next year we’ll look at Europe,” he said.
Praemium announced yesterday its subsidiary in the United Kingdom signed a deal with Capita for au undisclosed sum that will see Praemium’s SMA platform integrated with Capita’s infrastructure, known as Enabler.
Capita’s revenue in 2006 was #1.7 billion ($4.2 billion).
The deal replaces and expands the agreement Praemium signed last year with financial services software provider Synaptic Systems Limited, which is now owned by Capita.
“[Capita] is the big gorilla for the UK market,” Naoumidis said. “This organisation is much bigger and much more powerful.”
In August Argenta Private Capital (the broking/advice division of UK insurance giant Lloyd’s) agreed to use Praemium’s SMA and wrap service.
Earlier this month Credit Suisse’s private banking operation in Australia selected Praemium’s V-Wrap software as did Citigroup Wealth Advisors through Citi’s partnership with BlackRock.
Meanwhile Praemium is developing multi-currency software that will allow transactions to go through in native currencies.
This will particularly benefit Australian high-net worth individuals who are used to dealing directly with international equities, Naoumidis said.
