Praemium Limited's V-Wrap service has been chosen by Merrill Lynch Equities Australia to provide portfolio administration services to its private client wealth management division.

The deal will see Praemium provide consolidated reporting to the Merrill Lynch private client base, covering multiple asset classes and tax reporting.

Praemium's Group chief executive Arthur Naoumidis is pleased with the latest development.

"Merrill Lynch Global Wealth Management has a strong reputation as a global wealth manager and is a significant player in the provision of customised financial planning and wealth management advice to Australian high net worth clients," said Naoumidis.

"The Australian high net worth individual is growing in both sophistication and globalisation," said Tom Alexy, market director and head of global wealth advisory for Merrill Lynch Australia.

"This partnership with Praemium will provide our clients the best in class tax reporting and portfolio administrative service in Australia and enable us to combine our offshore multi-currency capabilities in both emerging and developed markets with our leading onshore research and domestic equity, derivative and prime brokering capabilities," said Alexy.