OneVue moves on Super Managers Australia

16-Dec-2014

By Julie May

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OneVue is set to take control of Super Managers Australia (SMA) early in the new year, enabling the group to further expand its presence in the super administration space.

As part of the deal, OneVue will acquire a 50 per cent stake in SMA and a 20 per cent stake in Super Managers Holding Company (SMHC).

The acquisition includes SMA subsidiary and retail super administrator Super Managers Funds Administration.

The deal comes seven months after OneVue acquired SMA’s self-managed super fund (SMSF) administration business, which was subsequently rebranded SMSF Managers.

“The SMA acquisition is part of OneVue’s objective of further scaling our middle to back-office administration capability, whether that be via organic growth or by acquisition,” OneVue chief executive Connie Mckeage said yesterday.

“As much as this transaction is intended to create opportunities for new clients, it’s also about strengthening services and increasing capabilities offered to existing clients.”

Both the enhanced retail superannuation and SMSF services acquired through SMA would form part of the OneVue platform services relaunch earmarked for the first half of 2015.

OneVue said it had entered into separate share subscription and shareholder agreements, and subject to meeting the conditions precedent, would enter into a deed to discharge OneVue’s $1.5 million loan to SMA, in exchange for SMA issuing shares to OneVue, giving OneVue a 50 per cent equity interest in SMA.

It also said it would acquire the 20 per cent shareholding in SMHC from a third party for $200,000 in cash.

“Conditions precedent include the other 50 per cent shareholder giving personal and corporate guarantees in relation to $3.5 million in borrowings of Super Managers Funds Administration and SMA obtaining approval from the lender for the change of control,” it said in a statement to the Australian Securities Exchange.

It said the transactions would have a neutral impact on earnings before interest, taxes, depreciation and amortisation in the 2015 financial year.

Other acquisitions by OneVue this year include the purchase of Select Asset Management in August and super trustee MAP Funds Management in February.

It also formed a partnership with financial services software provider Oracle last week to extend its fund services offering to international investment managers and custodians.

Earlier in December, AMP Capital became its second fund services client to establish connectivity to the mFund Settlement Service, following Allan Gray in August.

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