Morningstar completes buyout of Praemium's UK, international business

Investment data provider Morningstar Inc. completed its acquisition of Australian wealth management platform provider Praemium Ltd.'s operations in the U.K., Jersey, Hong Kong and Dubai for about £35 million.

Morningstar plans to rename Praemium's platform, which is used by nearly 500 independent financial advice firms, to Morningstar Wealth Platform, according to a company release.

Wealthcraft, a full-service, end-to-end adviser practice management support tool that includes digital factoring, engagement and risk profiling, is also part of Praemium's international offerings.