Wealth management firm Praemium has announced the launch of a retail superannuation offering, which is expected to hit the market in February.
Chief executive officer Michael Ohanessian said Praemium SuperSMA [separately managed account] will offer the same advantages of the company's SMA platform, such as control, transparency, cost effectiveness and direct share capability — within a retail superannuation environment.
The announcement came in Premium's quarterly update released on the Australian Securities Exchange (ASX), in which the platform provider also reported a 70 per cent boost in funds on its SMA platform to $1.2 billion over the last 12 months.
The update was the first one since Praemium acquired the business and took on the role of responsible entity from BlackRock 12 months ago.
"We are delighted with the growth of our Australian SMA platform during our first year as responsible entity," Ohanessian said.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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