Praemium subsidiary partners with Escala

Yasmine Raso

Senior Journalist, Financial Newswire

15 February 2023

Praemium Limited has announced it has entered into a strategic partnership through its subsidiary, Powerwrap, with wealth management service provider, Escala Partners.

The update of the previous agreement due to expire in December 2023 has extended the partnership for a six-year term, as Escala records around $7 billion in funds under administration (FUA) on Powerwrap’s platform.

The new agreement builds on the existing terms to provide “platform services, model portfolios, shared services, other accounts, transactions/clearing & execution and other initiatives”, fostering a collaborative culture to improve their capabilities.

“Praemium is delighted to be announcing an extension to our strategic partnership with Escala through the New Services Agreement which is a very important milestone for the company,” Praemium chief executive, Anthony Wamsteker, said.

“Our aim is to continue to provide Escala with market leading service and work closely with Escala to jointly develop innovative new products.”

Escala CEO, Pep Perry, said the firm was excited to continue partnering with Powerwrap and leverage the capabilities of the “best platform available in the market”.

“[It] offers geographic exposure, product diversification, seamless execution and reporting,” he said.

“We believe the New Services Agreement provides our client base with the best platform service in the market with scope to further improve through the strategic partnership with Powerwrap.”