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Praemium completes divestment of international business
InvestorDaily
Morningstar has now acquired Praemium’s operations in the UK, Jersey, Hong Kong and Dubai. Praemium has announced the £35 million ($61.7 million) sale of its international business to Morningstar has now been completed. Originally announced in December, the divestment sees Morningstar acquiring Praemium’s operations in the United Kingdom, Jersey, Hong Kong and Dubai to allow the firm to focus its financial and leadership resources on the domestic market.
“We are delighted to achieve this milestone in our history and this successful divestment will allow Praemium to focus on the enormous opportunity that the Australian wealth market offers,” Praemium CEO Anthony Wamsteker said in a statement. “Morningstar has been a tremendous partner as we have worked collaboratively through the sale conditions, and is an ideal owner of the international business. We wish them well.”
The rest of this article can be found at investordaily.com.au.
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