OneVue aims to keep Madison FUA
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.
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