Powerwrap remains in the news as the platform provider targets to double its funds in the next three years as it positions to derive benefits from the financial services royal commission and growth in the number of wealthy investors.
It has been heard that the Will Davidson led Powerwrap is preparing to get listed on Australian Securities Exchange. This 10 year old company is a platform provider that delivers a range of investment administration and shared services to its clients. It holds many investments and is used by several financial advisers for centralized reporting.
Chief executive Will Davidson stated “In preparation for the listing, we treat ourselves as a listed business now” considering several factors had reignited float plans. "The perception of strength and stability that comes with being listed will benefit, not only us, but the end client" he added.
Wealth management company Powerwrap focuses on high net worth market and financial adviser. Although the company remains loss making, it has about $7.7 billion in funds under administration (FUA). The management of the company visions to achieve break even at just over $9 billion in FUA within next 12 months.
Mr. Davidson, who took the helm of Powerwrap in January this year, has made several notable appointments at the company. PwC Australia, Escala Partners and Koda Capital are among the company’s eminent customers.
With the revenue of about $17 million in fiscal 2018, a platform holds investment in managed funds, shares and other domestic and international asset class.
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