Australia-headquartered platform provider Praemium has appointed Anthony Wamsteker as chief executive.
He has held the role of executive director and interim chief executive since May 2021, when former Praemium boss Michael Ohanessian left the company after almost 10 years as chief executive.
Wamsteker joined Praemium’s board in 2020 after its acquisition of Powerwrap, where he was chairman. He has over 30 years’ experience in the financial services industry.
Barry Lewin, Praemium chairman, said in an Australia Stock Exchange statement on 12 August 2021: “He will contribute stability, leadership and his deep financial services, management experience and acumen to the wide senior management team at an important time for the company.”
Sale
The appointment comes a month after Praemium said it was going to sell its international operation, following a strategic review.
In its June 2021 quarterly update, the board said: “The proposed divestment will allow Praemium to focus its financial and leadership resources on further accelerating its growth trajectory in the Australian platform market, for the benefit of all shareholders
“Pleasingly, the strategic review highlighted the technological leadership of the international platform operations and the strong sales and revenue momentum that the business is currently enjoying.
“However, in a marketplace undergoing significant structural change and consolidation, the business remains at a scale disadvantage to its key competitors.
“As a result, the Praemium board believes an alternative owner of the business will simplify the group, better serving the interests of its clients and better advancing the career opportunities of its employees.”
