Online portfolio administration service Praemium has appointed a board to develop its expansion into Britain.
British aristocrat Lord Brabourne will chair the five-member board, which will oversee and govern the company’s UK subsidiaries.
Lord Brabourne is currently chair of Argenta Holdings, an insurance arm of British insurer Lloyds of London.
Managing Director of Praemium’s UK business Pete Burtonshaw and Group Managing Director Arthur Naoumidis will be executive directors. Mr Naoumidis will liaise between the UK and the parent company boards.
Financial entrepreneurs David Harrison and Roland Ward were appointed non executive directors.
Company secretary and Praemium’s legal counsel Cathryn Nolan will act as secretary to the UK board and as company secretary to UK subsidiaries.
In its prospectus issued in April 2006, the Melbourne-based firm said expansion into the UK was a key element of its development plan. It has spent the last six months setting up its UK operations.
The appointment of the UK board is a ‘milestone in the journey towards establishing the UK subsidiaries as a strong and viable business unit’, said Naoumidis.
“There’s a lot of work yet to be done before we’re ready to launch our financial service products in the UK, and the addition of an experienced and well connected local board will assist us no end towards achieving our goal of successful entry into the UK market.”
The internet-based service provides portfolio administration services and separately managed account technology to accountants, financial planners, superannuation fund administrators, portfolio managers and stockbrokers.
It was listed on the Australian Stock Exchange in May 2006.
