Anthony Wamsteker

Praemium and Euroz Hartleys are pleased to announce the strengthening of their partnership, marking a significant milestone in their collaborative journey towards excellence in wealth management. Since initiating an alliance with Hartleys in December 2017 with the adoption of Praemium’s Scope reporting and administration service, the partnership has strengthened since Euroz acquired Hartleys Limited in 2020.

Building upon their successful history, Euroz Hartleys has made the strategic decision to adopt the full suite of Praemium’s products, signalling a transformative shift in their operational strategy. Over the next 18 months, Euroz Hartleys plan to onboard over 1,000 portfolios to the Praemium non-custody solution (Scope) and transition approximately ~$2 billion in funds under administration across Praemium’s private wealth solutions, including its newly launched Spectrum solution.

By integrating Praemium’s comprehensive suite of products, Euroz Hartleys aims to streamline processes, enhance efficiency, and elevate the customer experience.

“We are delighted to deepen our partnership with Praemium by integrating the breadth of their product offering into our operations,” said Andrew McKenzie Euroz Hartleys’ Executive Chairman. “This strategic decision aligns with our vision to continuously innovate and deliver a tailored solution to our clients leveraging Praemium’s consolidated reporting to offer a seamless adviser and client experience.”

Praemium’s CEO, Anthony Wamsteker commented “Praemium is delighted to continue supporting Euroz Hartleys growth and innovation journey. Embracing the power of our full product suite is a vote of confidence in what our offering can deliver wealth management firms and their clients. This partnership reaffirms our shared commitment to delivering exceptional value for investors and we look forward to the continued success of this strengthened partnership.”

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Kylie Porter

The United Nations-affiliated Global Compact Network Australia has urged CEOs to become more outspoken on issues such as climate change, or risk reputational damage to their business and long-term decline in revenue.

“The time for quiet is over,” according to the GCNA’s 2020 Pressures Report. “Leaders who speak up, who authentically match words with action and drive societal change will reap the benefits.”

“Authentic public action will raise a leader’s visibility, reinforce social licence to operate and demonstrate action beyond business as usual,” the report says.

Conversely, business leaders who remain quiet will find themselves “outcompeted by purpose driven leaders and companies.”

“Their silence will likely lead to reputation damage, loss of customers and long term decline in revenue.” The report says Australian business leaders could learn from those who had already spoken out such as BHP’s former CEO Andrew McKenzie, who publicly described climate change as “an escalation towards a crisis”.

Those leading the charge internationally included Starbucks CEO Andrew Johnson who closed all of the company’s stores to conduct racial bias training in order to tackle systemic racism. GCNA executive director Kylie Porter said that while pressure on CEO’s to take a public stance on social and environmental issues had been mounting, the impetus was growing due to increasing public awareness and activism.

“There is a real opportunity for businesses to tap into the public groundswell and take the lead where governments have fallen short,” she said.

“Shareholders, consumers and employees want to trust the organisations they engage with and they expect their leaders to have views on issues such as climate and human rights and be prepared to voice those views publicly.”

Climate change and its impact on human rights heads the GCNA’s list of key pressures facing Australian business.

Other key pressures facing corporate leaders are:

• Compliance with the Commonwealth Modern Slavery Act with businesses being judged on how they are responding to the risks of modern slavery and human trafficking in their supply chain.
• Effective water governance and management to ensure “mature stewardship of vital water resources.
• Adequately managing the risks associated with the transition to a net zero carbon economy by 2050.
• The need to rebuild trust through effective communication, particularly with influential Generation Z, estimated to account for 40% of global consumers by the end of 2020.

“Businesses no longer have the luxury of time,” the report says. “They must step away from a business as usual approach and reposition themselves as more responsible and sustainably savvy.”

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