Praemium will focus on growing its business in Australia and the United Kingdom following improvement of its financial results.
Praemium chief executive Michael Ohanessian said that improvement of the business’ financial outcomes means it is able to turn its attention to growth.
“[We are] trying to find some growth in our Australian business and we’re coming up with some interesting strategies on how we might do that,” Ohanessian told InvestorDaily.
Following impressive results Praemium’s UK branch in the March quarter, Praemium is also focusing attention towards building growth in the UK market.
Ohanessian said second-quarter results in the region are also very encouraging for a fund flow perspective.
“We’re very comfortable with our growth,” Ohanessian said.
“We are now in the process of starting to expand our team. We’ll be involved in selling our proposition, bringing clients onboard, training and so on, as we now start to pursue growth in the UK at a much faster rate,” he said.
He explained that Praemium is focused on taking its separately managed account (SMA) technology, which is in partnership with BlackRock in Australia, into the UK market.
Ohanessian would not be drawn on speculation that Praemium are frontrunners to purchase BlackRock Australia’s SMA business.
“We see a lot of synergies between what we do in Australia and what we do in the UK,” Ohanessian said.
“Blackrock is a partner of ours, we have been in partnership with them for seven years. We’re very comfortable with the growth of that SMA, and our relationship with Blackrock is very good.”
