Morningstar has concluded its previously announced acquisition of wealth management platform provider Praemium’s businesses in the UK, Jersey, Hong Kong, and Dubai.
The £35m all-cash deal was first announced by the company in December last year.
Praemium’s UK and international businesses provide a range of technology and services that allows advisers to outsource major elements of the advice workflow.
Its platform, which will be rebranded as Morningstar Wealth Platform, is said to support around 500 independent financial advice firms to cater to their customers.
Praemium’s international offerings also include Wealthcraft adviser practice management support tool, which enables digital factoring, engagement, and risk profiling among other things.
Morningstar Wealth Management Solutions president Daniel Needham said: “We are excited to welcome more than 100 new colleagues to Morningstar and expand our ability to offer advisers technology-enabled flexibility and choice.
“The Wealth Platform and Wealthcraft are powerful tools that reduce friction and save time so advisers can serve more investors – and in more extensive ways than they do today.”
Established in 2001 in Australia, Praemium forayed into the UK in 2006 and to Jersey in 2012.
The firm decided to divest its UK and international businesses as part of a previously announced strategy to use its financial and leadership resources to accelerate its domestic growth trajectory in the Australian platform market.
Praemium UK and international managing director Mark Sanderson said: “Morningstar understands that our fast growth has come from a relentless focus on delivering for our customers, and as part of Morningstar, we will only accelerate our existing road map.
“We are dedicated to a disruption-free customer experience—with no plans to re-platform—and the work to separate our technology has already been completed without any impact to our clients, which is a testament to that commitment.”
This February, Morningstar set up a new unit called Wealth Management Solutions, combining different capabilities across the firm.