OneVue has announced its funds under administration have hit $3.25 billion following the launch of its new platform, Luminous, despite the company saying last year it had struggled to attract attention from bank-aligned groups.
In a statement, the platform and administration provider said it gained net funds flow of $166 million during the December 2015 quarter, up from $94 million in the previous quarter.
OneVue launched Luminous in September 2015 – around the same time ifa reported that the big banks had tried to prevent their aligned groups from taking up the new platform.
"The new platform has been well received by existing and new clients and delivers significantly enhanced functionality, positioning it well for accelerated growth in the intermediated channel," OneVue said.
Meanwhile, the group's fund services business brought on nine new clients, including a new custodian client, representing more than $2 million in incremental annual revenue. However, the new clients also impacted operating cashflow for the quarter.
"Fund services' strong transition pipeline will potentially generate additional incremental annual revenue of $5 million over the next 18 months," the statement said.
"Cash at the end of the quarter on the balance sheet was $18.4 million. Negative operating cash flow of $950K for the quarter was mainly due to up-front transition costs on new funds services clients, the weak share market conditions (with no performance fees earned) and higher working capital."
Further, the acquisition of Super Managers Australia, which has been renamed OneVue Super Services OVSS, has expanded OneVue's capabilities into the superannuation and administration sector.
OVSS has long-standing administration clients, with FUA in excess of $1.1 billion and more than 22,000 members," the group said.
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