Former Praemium director Warren Gibson is planning to set up his own portfolio administration services business.
Gibson said the firm would offer financial planners and accountants an outsourced administration solution for clients’ portfolios, both within a superannuation and non-super structure.
“So planners won’t have to do the work in-house,” Gibson told InvestorDaily.
“The anecdotal evidence I am picking up from around the place seems to indicate that there is a growing trend towards outsourcing portfolios.
“The advantage to the advisers is that they can focus on what they do, which is giving advice, and do not need to worry about administration.”
The service would be able to administer assets including stocks, bonds, exchange-traded funds, warrants, direct property and multiple currencies.
Gibson said under the service, planners would have an execution and transaction solution available should managed funds become tradeable on the Australian Securities Exchange under the new AQUA II rules framework.
He is in advanced discussions with a number of financial planners, accountants and administration professionals to establish the business and planned to take it Australia-wide.
“It’s something I am pretty keen on. I have had a lot of positive responses from people in the industry and have got a few people who want to work with me,” he said.
Praemium made around 10 staff, including Gibson, redundant as part of a recent organisational restructure.
Gibson had been with Praemium since 2002 and was responsible for the overall sales management for the Australian business.
