Separately Managed Account (SMA) technology and platform provider, Præmium announces that it is to provide its tax-reporting platform infrastructure to E*TRADE Australia ("E*TRADE") for the administration of all of their portfolios in Australia. E*TRADE is the 2nd largest Australian online broker, with 26 per cent of the market (currently in the order of 350,000 client portfolios). Præmium will receive a significant fee for the base service, with growth potential depending on usage patterns.
Stuart Sayers, E*TRADE's Managing Director, said: "Our goal at E*TRADE is to make the investment process as easy and convenient as possible so our customers can concentrate on their trading strategies and not on administration. We are delighted to partner with Præmium to offer their advanced tax reporting solution as it is very easy to use and will take a lot of the hassle out of preparing for taxes related to investments."
John Martin, Præmium's UK Managing Director said: "The appointment by E*TRADE is a significant validation of the benefits of our third-generation investment platform technology. We are now looking forward to providing that technology to a number of UK firms in the coming months."