OneVue has taken its next step towards selling down financial planning group Madison with interested parties on Monday receiving an Information Memorandum (IM) suggesting the company would like to complete any transaction well before the end of March.
The IM also makes clear that OneVue is keen to ensure that any new owner for Madison maintains its funds under advice (FUA) on the OneVue platform, something which would tend to rule out vertically-integrated players.
The interested parties have the next few days to outline their positions and confirm their bona fides and then until 4 March to sign non-disclosure agreements (NDAs) with indicative bids expected to be completed by 11 March.
Money Management understands as many as five significant parties have indicated their interest in acquiring Madison from OneVue, but the terms of the IM make it clear that financial capacity to complete the transaction is one of the keys.
Comments
So Onevue is dictating to an adviser group to keep its fum on its platform - best interests duty? Any buyer under those conditions would immediately have admitted to a breach.
Imagine selling a house and trying to dictate what the buyer can do with it. Genius.
As advisers on this transaction and authors of the brief we are disappointed at the inaccuracy of this reporting. There is absolutely no reference in the Brief provided around Platform usage, continuity, or influence by Onevue or any other party. Very poor reporting.
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