Article in AFR Street Talk. Condensed version below.The...

Article in AFR Street Talk. Condensed version below.

The handbrake’s gone at wealth platform owner Praemium.

It’s hard to find another way to interpret the 20 per cent jump in Praemium’s share price since CEO Michael Ohanessian’s swift and unexpected exit last week.

Praemium appears intent on tarting itself up for Netwealth, Hub24, IRESS or another financial services software play that would be keen to whack its Australian customer base and software into another network.

Before that can happen, it must find a suitor for its international business, which includes a presence in the UK and Asia.

Investors reckon the review shouldn’t take very long. Reports from a desk briefing at Ord Minnett on Wednesday were that the review may take only four to six weeks, which suggests Praemium and its advisers know where the interest lies. Industry consolidation is running rife in the UK.

Fundies have long said independent platform groups Netwealth and HUB24 are logical acquirers, and IRESS entered the sector last year when it bought OneVue. Praemium would be a kicker for any of those three.