ASX:PPS

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Praemium Units Receive Cross-Claim Notices From Diversa Trustees in ASIC Proceedings

Praemium (ASX:PPS) said its units, Praemium Australia, Powerwrap, and One Vue Wealth Services, received notices of cross-claim from Diversa Trustees, filed in current proceedings brought by the Australian Securities and Investments Commission (ASIC) against Diversa relating to First Guardian investments, according to a Monday Australian bourse filing.The company said the claims seek compensation relating to the onboarding and monitoring of First Guardian investment products, and that, if Diversa is ordered to pay compensation in the proceedings, the claims were not previously foreshadowed and require a dispute resolution process before proceedings can begin.Praemium will take no steps until that process is completed, expected over the next four weeks, with Praemium to review the claims, take advice, and update the market in due course, the filing added.Praemium noted that ASIC has not joined or made any claims against its subsidiaries; any claims were made only by Diversa, it added.

ASX:PPS

Asia12d ago

Praemium Transitioning to New Core Technology Platform; Shares Fall 4%

Praemium (ASX:PPS) is set to transition into a new core technology platform over the remainder of the year to accelerate innovation and boost its wealth management capabilities, according to a Wednesday filing with the Australian bourse.The move follows the company's acquisition of Technotia Laboratories in January.Meanwhile, a restructuring disclosed in February has now left Praemium's technology team with about 40 people, down from more than 140 previously, with roughly half of them originally from Praemium and half from Technotia.Praemium has agreed on a transition for two of Technotia's founding principals into part-time consulting roles. Under a revised incentive structure linked to the transition, Praemium has agreed to make an initial cash payment of AU$2.5 million to be paid immediately, and additional conditional cash payments totaling up to AU$7.5 million.The revised arrangements do not increase the overall potential incentive entitlement for the two principals, the company said.Shares of Praemium fell 4% in recent Wednesday trade.

ASX:PPS

Asia21d ago

Praemium Chair to Retire, Successor Named

Praemium (ASX:PPS) said Barry Lewin plans to retire as the Chair of its board with effect from the conclusion of the annual general meeting, currently scheduled for November, with Matthew Quinn appointed as a nonexecutive director and Chair-elect, according to a Monday Australian bourse filing.Quinn will succeed Lewin as Chair at the conclusion of the meeting. Quinn previously served as Chief Executive of Stockland (ASX:SGP).

ASX:PPSASX:SGP

Asia61d ago

Praemium Posts Higher Total Funds Under Administration in Fiscal Q3; Shares Up 3%

Praemium (ASX:PPS) posted total funds under administration (FUA) of AU$73.7 billion in the fiscal third quarter, up 18% from AU$62.33 billion in the same period last year, according to a Wednesday filing with the Australian bourse.Platform FUA in the three months ended March 31 rose 7% to AU$32.21 billion from AU$30 billion last year, the filing said.The platform recorded net inflows of AU$598 million for the quarter, compared with AU$364 million a year earlier, per the filing.Shares rose nearly 3% in morning trade Wednesday.

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