Portfolio administration service provider Praemium has enhanced its V-Wrap platform by integrating additional investment data from fellow administration specialist Ausmaq.
The new arrangement gives wealth managers, financial planners, accountants and stockbrokers access to data from a range of managed funds in addition to their existing direct equities information for their client investment reporting.
"This is not a joint venture or anything. Praemuim has quite a good footprint in the market and so do we but from very different service provision perspectives. So we've been able to get together and offer a combined solution that has significantly different forms of administration capability," Ausmaq chief executive Rob Brown said.
V-Wrap clients will now have access to data from more than 900 traded wholesale managed funds in the market.
"This is an important step for Praemium and delivers great efficiencies for our clients, streamlining the administration of managed fund holdings and automatically updating transaction details where the client has holdings in custody with Ausmaq," Praemium group managing director Arthur Naoumidis said.
Additional development of the V-Wrap product is expected in the coming months.
"We imagine that given Praemium's installed base there will be other roll outs of this solution in the near future," Brown said.
