Quiet achiever Praemium's bid for wealth platform dominance
Praemium's acquisition of rival Powerwrap has been welcomed by the market, but acquiring new business remains the 'main prize', analysts say.
Wealth management platforms burst onto the Australian financial services landscape amid the boom and bust of the dotcom bubble in the early 2000s. And ever since, observers have tipped that Praemium would make a play for its slightly younger and smaller cousin, Powerwrap.
"It has been at least 10 years coming and will be great for both companies," Praemium founder and platform market pioneer Arthur Naoumidis told The Australian Financial Review in July, after the company he is no longer associated with finally initiated a $56 million takeover of its competitor.
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