OneVue, News Corp deal on the cards

OneVue chief executive Connie Mckeage said the company was in final negotiations.

28-Oct-2014

By Julie May

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Platform and fund services provider OneVue has confirmed it is in final negotiations with a consumer investment publication to create a wealth management platform for its subscribers.

According to the OneVue website, its customised wealth management platform for retail and member groups, which would be made available to News Corp subsidiary and online investment publication the Eureka Report, provided users with transaction, administration and reporting capabilities across a range of different investment types.

OneVue chief executive Connie Mckeage yesterday told financialobserver the listed company had entered a trading halt and she could not say any more than “OneVue was in final negotiations”.

McKeage said OneVue had already announced publicly its intentions to broaden its investment platform audience from financial planners and dealer groups to include retail and member organisations.

“This is part of a broader digital play for OneVue,” she said.

“We believe in the digital [self-directed] investor and their need for online capabilities and tools. Operating in this space also gives us greater insight as to how, when and if these users engage with advisers.

“Further, we’ve accelerated investment in our platform services division and as part of that we have created this new-generation platform, which we will also roll out to advisers next year.”

She said the group was looking forward to creating a new market and advisers would benefit from the investment OneVue had made in the self-directed investor space as a growing portion of the market was using advisers for scaled advice opportunities.

“There is a queue of other parties with different distribution footprints that we are speaking to and that want to work in partnership with us to create a greater client engagement proposition,” she said.

According to OneVue’s website, it offered customised platform interfaces for retail and member organisations looking to provide clients and members with DIY investment tools and education, as well as self-managed super fund (SMSF), retail super and/or member-based solutions.

It was expected the deal would enable News Corp to diversify revenue streams and increase its client reach, with speculation the platform would go live late this year.

In April, OneVue flagged that the wealth management platform for retail and member organisations was also ideal for industry super funds looking for a competitive advantage in the prevention of members leaving to establish SMSFs.

“Our wealth management interface can be branded and customised for various organisations that want to engage members who are looking for more flexible investment options,” Mckeage said at the time.

An announcement on the OneVue/News Corp deal would be lodged with the ASX should the deal get the green light.

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