Morningstar have acquired frequently to increase their UK market share among advisors to wealthy and business-owning clients, including the private equity investing platform PitchBook. Last week, they continued that trend with the announced agreement to acquire 100% of Praemium’s operations in the United Kingdom, Jersey, Hong Kong, and Dubai for £35 million cash.

According to Daniel Needham, president of wealth management solutions for Morningstar, nearly 500 independent financial advisors already use Praemium. It’s existing UK platform “offers proprietary, friction-free SaaS-based technology and services that allow fee-based advisers to outsource key elements of the advice workflow.” Wealth advisors can white label the platform according to their own requirements.

Currently, managing director Mark Sanderson oversees Praemium’s U.K. market. Completion of the transaction remains subject to regulatory approval from the Financial Conduct Authority in the United Kingdom and the Jersey Financial Services Commission in Jersey.