Ex-Praemium director Warren Gibson has formed privateWrap Portfolio Administration Service, a portfolio administration business targeting financial advisers and investors.
The former Praemium director of sales and marketing said privateWrap had ambitions to have up to 1000 investment portfolios uploaded to the service within 12 months.
"It's an optimistic number, [but] it's an achievable number," Gibson told InvestorDaily.
PrivateWrap had already gained interest from high net worth, self-directed investors and broking firms, he said.
"I'm pleased to report that privateWrap has already attracted interest from high net worth and self-directed investors and a number of brokers for whom the in-house solution has become too expensive in this challenging market," he said.
Gibson, who was made redundant from Praemium late last year, said he had recruited a number of ex-Praemium staff and was in discussions with others to join his firm.
"PrivateWrap offers ex-Praemium staffers retrenched in the company's recent restructure an opportunity to continue working with the technology they were well trained in," he said.
"I also hope privateWrap can be used in conjunction with the ASX [Australian Securities Exchange] Aqua managed fund trading arrangement to be launched in early 2012, replacing the custodial and transactional model of the traditional wrap."
He said advisers could trade managed funds through their broker, with privateWrap picking up the trades and providing the consolidated online reporting.
In October last year, Gibson told InvestorDaily of his intention to form his own business.
Praemium made around 10 staff, including Gibson, redundant as part of an organisational restructure in September 2011.
He had been with Praemium since 2002 and was responsible for the overall sales management for the Australian business.
