Aussie financial platform service provider enters UK market

Australian-based online portfolio administration service provider, Præmium Australia has been chosen by a UK-based Cofunds to provide financial services and reporting tools.

The initial implementation will see Præmium providing a Capital Gains Tax calculation service using Præmium’s CGT engine, a core-part of its V-wrap portfolio administration and performance analysis system.

Andy Creak, Cofunds’ managing director said Cofunds, which has around £14.6 billion worth of assets under administration, made its decision to go with Praemium based on the UK’s pre-budget report which declared its intention to make wholesale changes to Capital Gains Tax.

“With the forthcoming proposal to change Capital Gains Tax, professional advisers will be rethinking and exploring the tax strategies which are appropriate for their clients. The new tools we hope to develop with Præmium might have the capabilities to react accordingly and deliver timely solutions,” he said.

Arthur Naoumidis, managing director of Præmium, said the development of its services with Cofunds is an avenue for Præmium to expand into the UK marketplace.