Investment platform provider Praemium and capital markets platform provider Complii FinTech Solutions have entered into a new strategic partnership.
Under the partnership announced on Thursday, Praemium and Complii said they will collaborate on offers and cross-selling, resulting in new opportunities for both firms.
Praemium, which caters to sophisticated advisers, private wealth managers and stockbrokers, is a current shareholder in Complii and holds almost 12 million shares or approximately 2 per cent of the firm’s total ordinary shares.
Complii describes itself as the provider of Australia’s first fully integrated capital markets platform for advisers and brokers.
“I am delighted with this partnership with Praemium which will cement our long-standing relationship,” commented Complii FinTech Solutions executive chairman Craig Mason.
“With closer platform integration and active referrals, this collaboration will see the Complii Group acquire new customers cost effectively, significantly expanding our reach. Importantly, our existing customers will have access to an expanded suite of products and services, further enhancing their experience.”
According to the two firms, the partnership will lead to more cohesive technology and product integration and facilitate the flow of information between their platforms, thereby increasing process efficiency and enabling seamless client interactions.
Additionally, Praemium and Complii said they will actively engage in cross referrals, which is expected to expand business opportunities and strengthen their strategic positioning.
Praemium chief strategy officer Denis Orrock said the firm looks forward to collaborating further with Complii.
“We believe this partnership will not only enhance our combined service offering to the financial services market but will strengthen client relationships and create a positive impact to the industry through greater integration and cooperation between the two companies,” he said.
“We are excited with the increased go-to-market opportunity this brings.”
Last month, Praemium reported that it had achieved another record in total Australian funds under administration in the September quarter, with an increase of 8 per cent versus a year earlier to $44.6 billion.
Platform FUA rose by 12 per cent to $22.3 billion, including a 17 per cent boost in Praemium’s separately managed accounts (SMA) to $9.8 billion and an 8 per cent lift in Powerwrap to $12.5 billion.
Meanwhile, FUA for Praemium’s VMAAS non-custodial portfolio administration and reporting service rose by 4 per cent to $22.3 billion.
Overall, net inflows of $206 million were reported for the September quarter, an increase of 69 per cent on the $80 million in net inflows seen in 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.