US financial services firm Morningstar is to acquire operations across the United Kingdom, Jersey, Hong Kong, and Dubai of wealth management platform Praemium in a £35 million deal.

Praemium's platform is used by nearly 500 independent financial advisers and provides access to investment lineups to serve end clients. The end-to-end solution from Praemium is expected to add to Morningstar’s existing data, fund profiles, portfolio analytics, and investment management capabilities available to advisers.

Daniel Needham, president of wealth management solutions for Morningstar, said: “Technology is playing a larger role...