In a statement released yesterday, OneVue chief executive Connie Mckeage announced that the company intends to acquire Select Asset Management Limited, describing the slated deal as “strategically important”.
“The acquisition follows OneVue’s stated objective to grow the company organically and acquisitively and is strategically important in delivering value added services to both OneVue’s Fund Services and Platform Services’ clients,” Ms Mckeage said.
OneVue said the acquisition will deliver a number of key financial benefits, including an increase of its retail funds under management and administration (FUMA) from $1.94 billion to $2.609 billion.
“Total Funds under Supervision (FUS) from RE and trustee services will increase from $711m to $1,614m as at June 2014,” a statement from OneVue said.
Select chairman and chief executive Brendan Foley said by merging the businesses, the current value propositions for its respective clients will be enhanced.
“Having worked successfully with OneVue over the last year on a range of projects from unit registry and mFund services to the development of a managed account solution for our customised portfolio solutions, we have seen the complementary nature of our respective client lists and service offerings,” Mr Foley said.
OneVue said Mr Foley will be appointed as deputy chief executive of OneVue and two other select directors will be appointed to the executive team.
“I welcome our new shareholders and I am delighted to be working with a team of people who are aligned with the OneVue team in their thinking and equally committed to making a difference,” Ms Mckeage said.
