Morningstar acquires Praemium’s international business

Global research and ratings house Morningstar has acquired the United Kingdom and international business of Australian-founded technology firm Praemium.

Morningstar announced overnight that it had acquired Praemium’s operations in the UK, Jersey, Hong Kong and Dubai for 35 million pounds.

The announcement said Morningstar intended to rename the Praemium as the Morningstar Wealth Platform

It said the platform is used by nearly 500 independent financial advice firms to better serve their clients. Wealthcraft, a full-service, end-to-end adviser practice management support tool, which includes digital factoring, engagement, and risk profiling, is also part of Praemium’s international offerings.

Commenting on the transaction, Moringstar’s president, Wealth Management Solutions, Daniel Needham said the firm was excited to welcome more than 100 new colleagues and expand its ability to offer advisers technology-enabled flexibility and choice.

“The Wealth Platform and Wealthcraft are powerful tools that reduce friction and save time so advisers can serve more investors – and in more extensive ways than they do today,” he said.

The announcement said the end-to-end Morningstar Wealth Platform adds to the data, research, portfolio analytics, and investment management capabilities offered to advisers by Morningstar and its subsidiaries, creating a complete experience designed to help advisers empower investor success at scale.