OneVue reports solid platform FUA

28-Oct-2015

By Krystine Lumanta

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Platform and fund services provider OneVue yesterday announced its platform services funds under administration (FUA) exceeded $3.09 billion at the end of September, despite an 8 per cent market decline in the quarter.

Platform services FUA experienced net inflows, being applications less redemptions, of $94 million during the period, which was in line with the previous quarter, offsetting $63 million of negative market movements.

OneVue’s platform services business launched its new, next generation platform, Luminous, at the end of September.

Luminous was conceived over two years ago and offers advisers and clients the ability to create family group reporting, deliver real-time capital gains tax data and review SMSF clients’ individual member balances.

It also offers them the functionality, interactivity and transparency needed from platform solutions.

Earlier this month, OneVue announced its first Luminous white label for Endeavour Securities, owned by the Linchpin Capital Group, to support the Endeavour Superannuation Fund and investor-directed portfolio services offering.

The division also welcomed specialist dealer group Accountable Financial Solutions as a new client during the quarter.

OneVue also reported a positive operating cash flow of $779,000 for the quarter.

It completed all payments for acquisitions made to date, with the final tranche payment of $720,000 being made during the quarter for the acquisition of Computershare Fund Services.

OneVue’s fund services business has secured an unprecedented number of new clients transitioning over the next 18 months, delivering an expected $4.5 million in additional annualised revenues.

OneVue Fund Services was in the process of onboarding nine additional fund managers, with all of them currently on track to be fully onboarded by December, the group said.

Once the transitioning of these nine additional managers has been completed, about $2 million in annualised revenues will be reflected in the company’s financials for the second half of the financial year.

The business was now well-placed to benefit from the scale and efficiencies of those new clients without commensurate increases in operating costs, the group said.

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