Morningstar will acquire wealth management provider Praemium’s UK and International business for $46.3 million. The international operations include Jersey, Hong Kong, and Dubai.
The transaction is expected to be completed by Q3 of 2022 in a cash settlement.
Synergies
Morningstar’s deal indicates the growth of the wealth management platforms, and the UK’s platform assets grew 100% in the last five years.
Both the companies are collaborating to ensure the transition happens smoothly for the betterment of the customers and employees.
Morningstar Wealth Management Solutions President Daniel Needham said Praemium has a fast-growing business and a talented team.
“Praemium’s digital capabilities will help us reduce friction, costs, offers more choice, and improve efficiency...
