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The approval from the Financial Services Authority (FSA) enables the Australian-based company, which specialises in separately managed account technology, to work with UK financial institutions and intermediaries to deliver their own versions of Smartfund.

Smartfund combines a separately managed account with a collective investment scheme, and has been designed specifically for the UK market.

Praemium sales director John Martin explained: "Using the Smartfund structure, distribution firms are able to create their own funds to build up assets under management without taking on the role of Fund or Investment Manager.

"The technology preserves and reinforces the relationship between the IFA and investment manager without changing the regulatory status of either."

Authorised firms will be able to operate and brand their own funds using the Smartfund technology.

Alternatively, Præmium's authorised manager subsidiary, Smart Operator Ltd (SO), will also provide the full range of services required to manage and administer the fund to those just wishing to rebrand.

Martin said: "We know from feedback already received that Smartfund will really appeal to British IFAs and the general public alike.

"We are already speaking with firms who wish to leverage the benefits of this offering to enhance their own client propositions."