Praemium acquires Sipp firm

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Platform Praemium has bought Sipp provider Wensley Mackay for an undisclosed sum.

The acquisition sees Praemium enter the UK private pension market giving it access to new funds under management through its existing advisers.

Praemium chief executive Michael Ohanessian says: “Adding a Sipp solution to our UK platform proposition enhances our growth prospects by offering a complete package to our clients. When coupled with our range of innovative investment products, we expect considerable upside from our UK and international distribution channels.”

Wensley Mackay Managing director Paul Wensley adds: “This deal offers a fantastic opportunity to grow the business and deliver the high quality service for which we have become known to a much larger group of financial services professionals and clients.”

Australian firm Praemium launched in the UK in 2008. The acquisition is subject to approval by the FCA.