Praemium has announced that Denis Orrock will soon join its executive leadership team in the newly created role of chief strategy officer (CSO).
Mr Orrock was formerly head of Asia Pacific and head of capital markets for Australian financial services technology business GBST, which was acquired by FNZ in 2019.
With the creation of the new CSO position, Praemium said that it recognised the opportunity to fully capitalise on current market dynamics within the wealth platform and non-custodial administration market segment.
CEO Anthony Wamsteker said that the firm was delighted to welcome Mr Orrock.
“With his experience and track record in leading GBST through a period of strong growth in Praemium’s preferred client segment, Denis will not only contribute the ability to develop robust strategy, but strong relationships in the sector which will ensure that strategy is tightly focused on client needs and opportunities,” he said.
“The recent divestment of the international business means Praemium has the capital, cashflow and focus to deliver on our strong growth aspirations in Australia. We are confident that Denis will make a significant impact on helping us to realise those aspirations.”
Mr Orrock will commence in his new role from 28 November. He will be based in Praemium’s Sydney office and will report to Mr Wamsteker.
“I’m excited to be joining Praemium at this time, their fully integrated technology solution can meet the needs of advisers, private wealth firms and institutions which few competitors can match and they are well placed to capture a healthy share of the ongoing shift occurring in this market segment,” Mr Orrock said on his appointment.
Praemium reported quarterly net inflows of $659 million in the September quarter, an increase of 115 per cent on the June quarter when net inflows reached $306 million.
In an ASX announcement last month, the firm reported total funds under administration of $41.4 billion, up 2 per cent on the June quarter.
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.