OneVue posts record platform services inflows
OneVue has posted record platform services inflows of $310 million, driven by both existing and new client transitions, which translated into a 38 per cent increase counting year-on-year.
Total funds under administration (FUA) reached $3.8 billion and was helped by transitions, market performance and the inclusion of $363 million of funds from the Diversa acquisition, the company said.
According to OneVue, the Diversa acquisition was successfully completed in October 2016 and synergies were tracking ahead of schedule with a $4 million per annum run rate to impact the last quarter.
However, the performance fees earned in Q4 amounted to $36k against $667k in the prior quarter.
Also, transaction volumes for fund services increased by 49 per cent compared to the same period a year before.
The company also secured a five year outsourced unit registry contract with NAB's National Asset Servicing (NAS) and signed four other long-term contracts with custodians.
Superannuation services FUA also reached a record level of $1.7 billion, translating into a growth of $939 million or 119 per cent.
Funds under trusteeship (FUT) increased by $443 million for the quarter thanks to growth in assets of existing clients while total FUT closed at $8.9 billion, a growth rate of 27 per cent over the past 12 months.
Recommended for you
There is one specific risk that is a significantly higher concern for financial services directors compared to companies overall and is impacting their risk appetite, according to the AICD.
Global fund managers are shunning bonds, with the asset class seeing the largest drop in allocations in more than 20 years.
Australian Ethical has seen its funds under management reach $10 billion, driven by organic customer growth and superannuation contributions.
Financial advisers will have access to private equity investments run by WTW for the first time as it launches a pooled fund to provide savers with access to traditionally institutional assets.
