Aussie tech firm Praemium is poised to shake up the discretionary market in the UK when it teamed up with BNP Paribas to create a discretionary and platform service there.

ASX listed Praemium partnered with BNP Paribas to target advisers and wealth managers in the UK, according to Praemium managing director Arthur Naoumidis.

"There's a whole bunch of discretionary IFA players in the UK - and in particular with UBS being pulled out of the discretionary services market, it's left quite a big hole there.

"Now with the partnership with BNP, we believe we're very well placed to fill that hole," said Naoumidis.

This partnership will see Praemium combine its 3rd-generation Separately Managed Account (‘SMA') platform technology with BNP Paribas' expertise in custodial, trade execution and settlement services.

The end result is a transparent end-to-end discretionary investment management solution, said Praemium.

DPS allows advisers with discretionary status to fully automate the process of managing models across their clients' portfolios via Praemium's online platform.

It also provides an enhanced service for the end investor clients and increases the adviser's control over the value of their own business.

For Praemium and BNP Paribas, the clients are already moving in to the service. Price Bailey is the first client to sign up and is currently moving the assets it manages over from their previous provider.

"We're clearly having discussions with a number of other [potential clients]. We've got a lot of interest in the UK - and we're confident we'll get a good reception in the market place," said Naoumidis.