Praemium cuts key role

Praemium head of distribution Martin Morris has left just as a review to restructure the firm was launched.

In a statement, Praemium said the exit is the result of a strategic review "to focus on client needs, strengthen its market share and deliver on its growth aspirations."

The firm said this resulted in some structural changes to better align business areas with its overall strategy.

"Martin played an instrumental role in building both the distribution team and awareness of Praemium during his tenure and we thank him for his important contribution to Praemium's growth over many years," Praemium said.

There are no plans to replace Morris and Denis Orrock, the chief strategy officer, will run distribution, marketing, customer success, and platform operations.

"Denis will play a key role in building solid relationships with this sector and has the expertise to help deliver our strong growth aspirations in Australia."

Orrock was previously head of Asia Pacific and head of capital markets for GBST, a financial services technology business.

"With his experience and track record in leading GBST through a period of strong growth in Praemium's preferred client segment, Denis will play a key role in building solid relationships with this sector and has the expertise to help deliver our strong growth aspirations in Australia."

Meantime, Morris is taking the time after seven years to assess his options. Right now, he is on three months of gardening leave.

In his LinkedIn post, Morris wrote: "I have a good period to review the last seven years, to talk to my network and map out what the next challenge looks like."

"I am extremely grateful for the opportunity afforded me by Andrew Varlamos, Anna Itsiopoulos, Michael Ohanessian and Paul Gutteridge back in August 2016.

He added: "The experience has been amazing and the team over that time built an amazing business and now it is the time for a new cohort to lead the business and its strategic direction."

He added: "It will be strange to not refer to Praemium as 'us', 'we' after committing so much energy and time to a business I was proud to be a part of.

However, he went on to say, he has time to review the last seven years, talk to his network and map out what the next challenge looks like.

Previously, Morris worked at Endowment Bond Exchange, Capstone Financial Planning and Skandia.