Praemium Australia Limited is pleased to announce that it has executed an agreement with JBWere Limited to provide a client reporting solution using Praemium’s V-Wrap portfolio administration and reporting software.
JBWere is a leading private wealth management business in Australia and New Zealand, wholly owned by NAB Group, providing premium wealth strategies, advice and investments. As at 31 January 2016, JBWere has $50 billion in assets under advice.
The agreement, which has a potential annual value of approximately $1 million, will see JBWere progressively roll out the Praemium solution for all wealth management client portfolios. Praemium was selected following a lengthy and comprehensive assessment process, with JBWere requiring a technology platform that would provide sophisticated performance reporting across all asset classes, and accurate and timely tax reporting that efficiently integrates with client accounting requirements.
JBWere CEO Justin Greiner said Praemium is an industry leader in portfolio administration and reporting technologies, and that it was time to make the shift from JBWere’s internal system. “JBWere is uniquely positioned for growth. For us to continue to deliver an outstanding service to our clients we need to ensure all of our underlying technologies are best in class. We are pleased to work with Praemium to underpin our client reporting”.
Praemium CEO Michael Ohanessian said, “We are delighted to be partnering with an iconic financial firm like JBWere. This is a tremendous validation of the robustness and breadth of our administration and reporting technology. As the wealth management industry continues to evolve, we expect to see other stockbroking and wealth management firms look to outsource more of their technology needs to specialist providers like Praemium”.
