Financial research and investment management company Morningstar is to rename Praemium as the Morningstar Wealth Platform after its £35m acquisition of the formerly Australian-owned platform.

US-owned investment and data provider Morningstar has snapped up the UK and international arms of Australian-owned platform Praemium for £35m.

Abrdn (formerly Standard Life Wrap), Aviva, Praemium and Quilter are to offer AJ Bell Investments’ managed portfolio service (MPS) to boost the number of Financial Planners able to access the funds.

Australian-owned wrap platform Praemium, used by a number of UK Financial Planners, has reported a 55% rise in funds under administration for the year ending 30 June 2021.