OneVue has today agreed to purchase Select Asset Management Limited and appoint its first deputy CEO.
Select’s current chair and CEO Brendan Foley will become deputy CEO of OneVue when the acquisition is finalised as early as tomorrow.
OneVue Group CEO Connie Mckeage said the transaction follows the company’s stated objective to grow organically and acquisitively.
“The acquisition is strategically important in delivering value added services to both OneVue’s fund services and platform services’ clients.”
“It will enable us to more effectively deliver a broader range of client solutions,” Mckeage added.
Select Asset Management was established in 2002 and trades as Select Fund Services and Select Investment Partners Limited.
Select Fund Services is a specialist provider of responsible entity (RE) services and one of Australia’s leading REs for multi-asset trusts.
The business acts as RE for groups such as Neuberger Berman and Smarter Money Investments who are also clients of OneVue.
Select Investment Partners is a specialist multi-asset investment manager and implemented portfolio consultant with a track record in managing diversified multi-asset portfolios.
Chairman and CEO of Select Brendan Foley said: “We’ve worked successfully with OneVue over the past year on a range of projects, and seen the complementary nature of our respective client lists and service offerings.”
“By merging the businesses, the current value propositions for our respective clients will be enhanced.”
The transaction is fully funded from existing cash reserves and the issue of OneVue shares.
Mckeage said Select will strengthen OneVue’s superannuation trustee business MAP Funds Management, and enhance fund services by creating a broader suite of unit registry, RE services and mFund distribution.
“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.”
The Select Group recorded a total revenue of $7.1m in the 2014 financial year, and has been profitable for the past five financial years.
Select’s 15 employees will join OneVue at its Sydney office, with head of fund services Alex Wise and executive director David Yale to be appointed to the executive team.
Please click here for full ASX announcement.
For further information, please contact:
OneVue media and communications manager
02 8022 7421
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