OneVue to purchase Map Funds Management
OneVue has announced it will purchase Brisbane based superannuation trustee Map Funds Management in an effort to expand its retail superannuation offering ahead of its upcoming listing in the second quarter of this year.
The cost of the deal, which was completed on Monday, was undisclosed but follows news that OneVue had raised $6.75 million in an $8 million capital raising program.
Originally created as a superannuation and investment service provider for health professionals Map also offers financial advice under its own licence and investments via a range of third party fund managers and salary packaging services.
OneVue and Map have previously worked together with the former providing information around investment options for Map since 2011. Map also released a low cost superannuation platform via the OneVue investment platform last year.
The groups have also worked together with Yellow Brick Road on its launch of its low-cost superannuation product – RetireRight, with Map acting as the trustee for the fund.
As a result of the deal the Map Trustee Board will be restructured with some existing members retained and new professional members asked to join.
The deal will also expand OneVue’s presence on the east coast with the business having established offices in Melbourne and Sydney.
The purchase is the second of note for OneVue which picked up Computershare’s unit registry arm in August of last year. At the time OneVue stated the purchase would compliment the forthcoming rollout of the ASX mFund service which OneVue has supported by signing on as one of the 60 foundation members of the service.
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