Launches Smartfunds in UAE: Praemium Ltd (ASX: PPS) stock moved up 1.11% on June 25, 2018 after the company got approval by the Securities and Commodities Authority for launching its Smartfund range of funds into the United Arab Emirates (UAE) market with Mashreq Bank, which is one of the largest banks in the region, acting as the Local Promoter. Therefore, PPS has launched a range of three Smartfunds (with options of Growth, Balanced and Cautious) and two Smartfund 80% Protected funds (with options of Growth and Balanced) into the United Arab Emirates (UAE) market. PPS’ in-house Smart Investment Management (Smartim) team will manage these funds. The Smartfund 80% Protected range offers the investors with the potential growth returns of global multi-asset strategies, that will have the benefit of 80% capital protection. Morgan Stanley will provide the protection component. Morgan Stanley Wealth Management Australia has included the PPS’s Managed Accounts in their portfolio. Mashreq Bank’s advisers within the bank’s Private and Premier banking channels will distribute these funds. Further, PPS has also shifted its Dubai office to the Dubai International Financial Centre (DIFC) free-trade zone, which is regulated by the Dubai Financial Services Authority (DFSA). This is for the purpose of promoting, arranging and marketing the activities of all the entities in the PPS Group. The company has taken this significant step to establish itself in Gulf State markets, and is among the very first retail platforms to be established within the DIFC. Moreover, PPS Managed Accounts solution will get live from July 2018. Meanwhile, PPS stock has risen 42.86% in three months as on June 22, 2018.
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