Morningstar’s £35 Million Acquisition of Praemium Limited

Carey Olsen and DLA Piper assisted Morningstar on the acquisition. Independent investment data and research specialist Morningstar (Nasdaq: MORN) has purchased the UK and international business of wealth management platform provider Praemium Limited (ASX: PPS) for £35 million, subject to completion adjustments.

The deal, first announced in December last year, has now completed after gaining the necessary regulatory approvals and sees Morningstar acquire 100% of Praemium’s operations in the United Kingdom, Jersey, Hong Kong SAR and Dubai, further adding to the company’s existing data, fund profiles, portfolio analytics, and investment management capabilities to advisers.

Founded in 2001 in Australia before launching in the UK in 2006 and Jersey in 2012, Praemium specialises in proprietary, friction-free software-as-a-service (SaaS) based technology and services that allow fee-based advisers to outsource key elements of the advice workflow. Its platform is used by nearly 500 independent financial advisers and provides access to investment line-ups to serve end clients.

The Praemium U.K. and international business offers digital-first financial services.

The Carey Olsen team advising on the Jersey legal and regulatory aspects of the acquisition was led by partner James Willmott (Picture), assisted by associate Calum Hedley and specialists Chris Philpott, Tarina Le Boutillier and Julie Currie.

The DLA Piper’s Australian corporate team was led by Grant Koch.  
Involved fees earner: Calum Hedley – Carey Olsen; Tarina Le Boutillier – Carey Olsen; Christopher Philpott – Carey Olsen; James Willmott – Carey Olsen; Grant Koch – DLA Piper; Law Firms: Carey Olsen; DLA Piper; Clients: Morningstar;

Author: Giulia Di Palma