Daniel Needham

Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, has completed its acquisition of Praemium’s operations in the United Kingdom, Jersey, Hong Kong, and Dubai from Praemium Limited (ASX: PPS) for £35 million, subject to completion adjustments.

Across its U.K and international business, Praemium offers proprietary, friction-free technology and services that enable advisers to outsource key elements of the advice workflow. Its platform–which Morningstar plans to rename as the Morningstar Wealth Platform – is used by nearly 500 independent financial advice firms to better serve their clients. Wealthcraft, a full-service, end-to-end adviser practice management support tool, which includes digital factoring, engagement, and risk profiling, is also part of Praemium’s international offerings.

“We are excited to welcome more than 100 new colleagues to Morningstar and expand our ability to offer advisers technology-enabled flexibility and choice,” said Daniel Needham, president, Wealth Management Solutions, Morningstar. “The Wealth Platform and Wealthcraft are powerful tools that reduce friction and save time so advisers can serve more investors – and in more extensive ways than they do today.”

The end-to-end Morningstar Wealth Platform adds to the data, research, portfolio analytics, and investment management capabilities offered to advisers by Morningstar and its subsidiaries, creating a complete experience designed to help advisers empower investor success at scale.

“We are excited to have found a home with a long-term vision and commitment to our best-in-class platform experience,” said Mark Sanderson, Praemium U.K. and international managing director, who now reports to Needham. “Morningstar understands that our fast growth has come from a relentless focus on delivering for our customers, and as part of Morningstar, we will only accelerate our existing road map. We are dedicated to a disruption-free customer experience—with no plans to re-platform—and the work to separate our technology has already been completed without any impact to our clients, which is a testament to that commitment.”

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