04 July 2022

Carey Olsen advises Morningstar in purchase of Praemium's UK and international business

Carey Olsen's corporate team in Jersey has advised independent investment data and research specialist Morningstar on its purchase of the UK and international business of wealth management platform provider Praemium Limited (Praemium) for £35 million, subject to completion adjustments.

The deal, first announced in December last year, has now completed after gaining the necessary regulatory approvals and sees Morningstar acquire 100% of Praemium's operations in the United Kingdom, Jersey, Hong Kong SAR and Dubai, further adding to the company's existing data, fund profiles, portfolio analytics, and investment management capabilities to advisers.

Founded in 2001 in Australia before launching in the UK in 2006 and Jersey in 2012, Praemium specialises in proprietary, friction-free software-as-a-service (SaaS) based technology and services that allow fee-based advisers to outsource key elements of the advice workflow. Its platform is used by nearly 500 independent financial advisers and provides access to investment line-ups to serve end clients.

Working alongside DLA Piper's Australian corporate team led by Grant Koch, the Carey Olsen team advising Morningstar on the Jersey legal and regulatory aspects of the acquisition was led by partner James Willmott, assisted by associate Calum Hedley and specialists Chris Philpott, Tarina Le Boutillier and Julie Currie.

James said: "We are pleased to have played a part in Morningstar's latest acquisition, another example of the growing appeal of innovative wealth management platforms in the investor marketplace. Deals like this, incorporating various international operations, also serve to underline Carey Olsen's well-earned reputation and continued expertise in handling cross-border M&A transactions of this kind."

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