PlatformsAug 16 2021

Praemium appoints permanent CEO

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Praemium appoints permanent CEO
BySonia Rach

Praemium has appointed its interim chief executive Anthony Wamsteker as executive director and permanent chief executive.

Wamsteker has held the role of executive director and interim CEO since May 2021 after joining the board in November 2020 following Praemium’s purchase of Powerwrap of which he was chairman.

In an update last week, Praemium said Wamsteker’s role as permanent CEO is effective from today (August 16).

He joins the firm with 30 years' experience in financial services, including 12 years in funds management at National Mutual and Axa where he was chief executive for lending.

Prior to becoming chairman at Powerwrap and IBA Group, his last executive role was as CEO and managing director of Quay Credit Union. 

Barry Lewin, chairman at Praemium, said: “At this time of heightened industry consolidation, when we are experiencing very strong growth across all parts of our business and we have commenced the divestment process for our UK and International businesses, the board is delighted Anthony has agreed to accept the permanent appointment as CEO.

“He will contribute stability, leadership and his deep financial services management experience and acumen to the wider senior management team at an important time for the company.”

The terms of the employment contract include AU$600,000 (£317,640) as base remuneration, as well as short term and long term incentives. 

In July, Praemium announced it was seeking a buyer for its UK platform business after a strategic review.

The Australian-headquartered platform provider released a statement to the Australian stock exchange announcing the proposed divestment of its international business, which includes the UK platform and businesses in Jersey, Dubai and Hong Kong and its customer relationship management systems Wealthcraft and Plum.

At the time, it said the board of the firm supported this decision.

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