Praemium is close to signing further UK deals following a capital raising of $8 million.
Listed portfolio administration specialist Praemium is in advanced partnership discussions with a number of United Kingdom based financial services firms.
Praemium group chief executive Arthur Naoumidis confirmed the group is close to signing further deals.
"We are in quite advanced discussions with a number of groups, both IFA [independent financial advisers] groups and other industry participants," Naoumidis told InvestorDaily.
The deals are expected to be finalised in the next three months. Of the potential sign-ups, all are good sized players in the UK market, he said.
News of potential new signings comes as Praemium announced yesterday it had raised $8 million by way of private placement.
"The capital raising was done through 50/50 institutional and sophisticated investors, with a ratio of half existing and half new shareholders," Naoumidis said.
"What this does is absolutely give us enough capital to see our sales through so the whole group is profitable," he said.
"The key driver was the UK which is now ready, and given the fact that it took a year longer that we initially anticipated, we thought by bolstering our capital by an extra $8 million well and truly answers any questions people have about our capitalisation.
We believe this will assist us in winning new clients, but also give us the capital that we need."
As well as securing new offshore business, Praemium's Australian operation is set for growth.
"All of our business lines are poised for quite good growth. The Australian operation, we expect the SMA [separately managed account] business to definitely start ramping up in the next financial year," Naoumidis said.
Praemium's capital raising was managed by Lodge Corporate Services.
In April Præmium signed a letter of engagement with Fat Prophets UK to launch a British adaptation of its SMA offering; SO Smartfund.
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