Merrill Lynch in Australia has appointed Praemium, a firm offering online portfolio administration services, to provide it with services for the US-based firm's private client base, according to media reports.

Merrill Lynch Australia market director and head of global wealth advisory, Tom Alexy, said the partnership will enable the firm to better cater for its increasingly sophisticated and globally-aware high net worth clients.

Praemium’s V-Wrap service provides consolidated reporting to the Merrill Lynch client base, covering multiple asset classes and tax reporting.