High tech investment platform Praemium sets eyes on Middle East
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Investment manager Praemium is heading to the United Arab Emirates after winning approval to launch three of its Smartfund products into the UAE market.
Praemium (ASX:PPS) provides a range of portfolio management and financial planning tools for advisers as well as a separately managed accounts platform and investment products including its “Smartfund” investment range in cautious, growth and balanced options.
The products will be made available in the UAE under a partnership with Mashreq Bank. Mashreq is listed on the Dubai Financial Market and has more than 40 branches in the Emirates as well as a presence in Egypt, Qatar, Kuwait and Bahrain.
The products are run by Praemium’s in-house team. The growth and balanced options have 80 per cent capital protection provided by Morgan Stanley.
“This is a significant step forward in the Gulf State markets, as we are one of the very first retail platforms to be established within the Dubai International Financial Centre,” Praemium chief Michael Ohanessian told investors.
Over the past 12 months, Praemium’s share price has jumped 164 per cent, closing Friday at 90c.
Investors have responded positively to a number of announcements this year, including news in January that the company was adding international securities to its separately managed account range.
In the first half of 2018, Praemium secured $20.5 million in revenue and a $724,500 profit after tax, an increase of 25 per cent on the same period last year.
The company had $9.6 million in cash at the end of December and $7.8 billion in funds under management at the end of March.
Stockhead has contacted the company for further comment.