Praemium targets non-doms with offshore platform launch

Praemium is set to launch an offshore platform based in Jersey to target non-domiciles living in the UK and overseas investors.

The launch forms part of the Australian wrap provider’s plans to develop versions of its dps-Select discretionary platform for different markets. It has also launched a Sharia-compliant version of the platform. Praemium had planned to launch its offshore platform in the third quarter of last year but has faced regulatory delays, according to a source close to the company.

Praemium UK managing director John Martin confirmed an offshore platform was under development but declined to comment on the delays. ‘We have built this for one client and we have done the same for other markets in the UK and other places,’ said Martin (pictured). ‘It is not entirely finalised.’

The Sharia-compliant platform, which launched at the end of last year, does not pay or charge interest on the cash account, ISA or Sipp.