Morningstar will acquire the UK and international businesses of wealth management platform provider Praemium – QNT Press Release


Melbourne and London, December 21, 2021/PRNewswire/–Morningstar (NASDAQ:morning) And Praemium Limited (ASX: PPS) have reached an agreement that Morningstar will acquire 100% of Praemium’s business in the region. UK, Jersey, Hongkong, and Dubai. The consideration for the transaction will include £35 million in cash, subject to adjustments based on completion.

“Praemium has a rapidly growing UK and international business and a talented team, and we look forward to welcoming Morningstar,” Daniel Needham, President of Morningstar Wealth Management Solutions. “Technology is playing an increasingly important role in everyone’s life, and expectations of how companies deploy it are evolving rapidly. The consultants and investors we serve together are no exception, and Praemium’s digital priority capabilities will enable us to reduce Frictions, cost reduction, more choices, and efficiency of consultants. This gives consultants time to provide better advice and help investors succeed.”

In its UK and international operations, Praemium provides proprietary, frictionless SaaS-based technologies and services, allowing fee-based consultants to outsource key elements of recommended workflows. Its platform has been used by nearly 500 independent financial advisers and provides access to the investment lineup to serve end customers. Praemium’s end-to-end solutions will increase Morningstar’s existing data, fund profiles, portfolio analysis and investment management capabilities available to advisors, creating a complete experience designed to help investors succeed on a large scale. Praemium and Morningstar will work together to ensure a smooth transition for customers and employees.

Praemium UK and International Managing Director Mark Sanderson Said, “The focus of the entire transaction process has always been to find a new owner who is suitable for us and our customers. We want a parent who has a long-term vision and is determined to stick to our best-first-class platform experience, free from customer interference. We Always looking for the enthusiasm and motivation to continue Praemium’s growth story. We know that with this proposed transaction with Morningstar, we can confidently say that we have found the perfect fit.”

MelbourneBased on Chinese Characters Co., Ltd. Previously announced It plans to focus its financial and leadership resources on the domestic growth trajectory of the Australian platform market and sell its international business to growth buyers. The transaction released funds and is a strong support for the Praemium platform and technical quality.

Reward the CEO Anthony Warmstock “We are very pleased that Morningstar, a prestigious global company, has chosen to acquire our international business. With its global footprint and investment scale, Morningstar will better serve the interests of international customers and better promote the career development of our international employees. Chance. “

The acquisition comes at a time when the wealth management platform has experienced a major…

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