Praemium moves Smartfunds into UAE
Australian wealth management firm Praemium is taking five Smartfund products to the United Arab Emirates, leveraging a local bank’s distribution network as it expands its footprint in the Gulf region, it announced in a statement.
The ASX-listed SMA provider will offer three Smartfunds (growth, balanced and cautious) and two Smartfund 80% protected funds (growth and balanced) in UAE, after it has gained regulatory approval from the Securities and Commodities Authority.
Dubai stock exchange-listed Mashreq Bank will act as Praemium’s local promoter for the funds.
“All five registered Smartfunds will be on the Mashreq’s panel for distribution by advisers within their private and premier banking channels,” Praemium said in a statement.
Praemium has also moved its Dubai office to sit within the Dubai International Financial Centre (DIFC) free-trade zone, regulated by the Dubai Financial Services Authority, for all entities in the Praemium Group.
Praemium chief executive Michael Ohanessian said the launch and the office move enforced the company’s commitment to the region. “This is a significant step forward in the Gulf State markets, as we are one of the very first retail platforms to be established within the DFC,” he said.
SmartFund’s UAE launch comes almost a decade after its UK launch in July 2008. Praemium’s Smart Investment Management Team manages assets worth $822 million.