Praemium looks to sell international operations

Managed account platform Praemium is looking to divest from its international business operations through a formal sale process.

In an announcement to the Australian Securities Exchange (ASX), Praemium said the divestment would allow the firm to focus on its financial and leadership resources on further accelerating its growth trajectory in the Australian platform market for the benefit of all shareholders.

The firm’s strategic review found while the international platform operation had strong sales and revenue momentum, the marketplace was undergoing significant structural change and consolidation where the business remained at a scale disadvantage to its competitors.

“The Praemium board believes an alternative owner of the business will simplify the group, better serving the interests of its clients and better advancing the career opportunities of its employees,” the announcement said.

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Source: Praemium looks to sell international operations | Money Management