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Praemium expands distribution footprint

Praemium has appointed two to its distribution team as it continues to build momentum on the back of acquiring Powerwrap.

Shane Muscat was appointed head of strategic sales in March, while Dale Wright joins as senior business development manager.

Muscat had a similar role at HUB24, where he headed strategic sales for nearly three years. Prior to that, he was at Colonial First State as head of institutional sales for more than 15 years.

He will work closely with head of distribution Martin Morris and chief commercial officer Mat Walker.

Wright joined from Centrepoint Alliance where he worked across the firm's Ventura Managed Accounts Portfolios. He was at Centrepoint for almost seven years, starting out as a national sales manager and then moving on to become the head of dealer relationships. Prior to that, he was at Aviva.

Walker said: "We are very pleased to have Shane and Dale join the Praemium sales team and add further experience to the team which has steadily attracted experienced, senior talent as part of a strategic investment in sales over the last two years to support the growing base of advice firms."

Praemium reported a 69% jump in funds under administration to $34.3 billion for its Australian platform for the half-year to December 2020.

Net-profit after tax grew 113% to $3 million following the acquisition of Powerwrap.

Investment Trends' latest platform survey found HUB24 ranked first for its functionality, followed by Netwealth, Praemium, BT Panorama and Macquarie Wrap.

Read more: PraemiumPowerwrapDale WrightShane MuscatMat WalkerAvivaBT PanoramaCentrepoint AllianceColonial First StateInvestment TrendsMacquarie WrapMartin MorrisNetwealth