Australian-based platform Praemium has announced that it is looking for a buyer for its international business.
Following a strategic review it has confirmed it is seeking a buyer for its operations in the UK, Jersey, Dubai and Hong Kong in a bid to focus its attention on its home market, the company said in a statement to the Australian Securities Exchange.
Deloitte Corporate Finance has been appointed to manage the sale process.
The group board can see the clear potential for capitalising on the international business’s strong growth over the past couple of years…it also recognises that realising that impressive potential requires a parent focused on the markets in which the international business operates,” Mark Sanderson, MD of Praemium’s international business.
The strategic review started in May 2021 alongside the decision by long-standing CEO, Michael Ohanessian to quit the business.
Citing “strong sales and revenue momentum”, the review has highlighted the strengths of the international business and feels that now is the optimum time to sell, with interest from prospective buyers already registered.
Mark Sanderson, pictured left, managing director of Praemium’s international business, said: “The group board recognises, and is rightly very proud of, the international team’s
achievements to-date. It can see the clear potential for capitalising on the international business’s strong growth over the past couple of years.
“However, it also recognises that realising that impressive potential requires a parent focused on the markets in which the international business operates.”
Sanderson said that the company has not formally begun a sale process yet, however, since announcing its strategic review in May it has received “a great deal of interest from a diverse range of parties”.
Numerous adviser platforms have changed hands in the last 12 months with Standard Life Aberdeen, now rebranded to Abrdn, selling Parmenion to Preservation Capital Partners and UK-based Novia Financial bought by private equity firm Anacap (with international platform Novia Global remaining independently-owned).
Also in the UK Royal London has also sold the Ascentric platform to M&G and James Hay is also in the process of buying rival platform Nucleus.