OneVue acquires Select, names Foley deputy CEO

OneVue chief executive Connie Mckeage.

28-Aug-2014

By Julie May

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OneVue will purchase Select Asset Management and appoint its current chair and chief executive, Brendan Foley, as deputy chief executive of OneVue.

The acquisition of Select Asset Management, which trades as Select Fund Services and Select Investment Partners, is expected to be completed later today.

The announcement was released via the Australian Securities Exchange last night.

OneVue chief executive Connie Mckeage said: “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.”

Select Asset Management, which was founded in 2002, recorded total revenue of $7.1 million in the 2014 financial year, OneVue said.

“Select Fund Services (SAML) is a specialist provider of responsible entity (RE) services and one of Australia’s leading REs for multi-asset trusts. The business also provides services to leading single strategy managers and access to Australia via unit trust fiduciary services for global offshore groups,” it said.

The business acts as RE for groups such as Neuberger Berman and Smarter Money Investments, which is 50 per cent owned by Yellow Brick Road, another of OneVue’s clients.

Further, Select Investment Partners (SIPL) is a specialist multi-asset investment manager and implemented portfolio consultant with a track record of over 12 years managing diversified multi-asset portfolios.

SIPL works with financial planners to enable them to offer customised portfolios to their clients.

The business, which is based in Sydney, comprises 15 people.

“The consideration for the Select businesses will be paid $2.7 million in cash and $4.3 million in OneVue scrip,” OneVue said.

Foley said: “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.”

OneVue said SIPL strengthened OneVue’s superannuation trustee business, MAP Funds Management, while SAML’s services enhanced OneVue’s existing fund services offering by creating a broader suite of unit registry, RE services and mFund distribution.

The acquisition was expected to deliver a number of key financial benefits for OneVue, including an increase in retail funds under management and administration from $1.94 billion to $2.61 billion, it said.

Select employees will join OneVue at their Sydney office and two other Select directors will be appointed to the executive team.

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