Onevue announces $6.75 million capital raising
Fund services provider Onevue has raised $6.75 million of an $8 million capital raising program.
Onevue chief executive Connie Mckeage said the company is raising capital to fund the business' expansion after the acquisition of Computershare Fund Services and to create a stronger balance sheet for the group.
"The major investors in the $6.75 million placement are Perpetual and Thorney Investments," Mckeage said in a statement.
"The remaining $1.25 million has been set aside for existing shareholders and Onevue staff, including those new Onevue employees that joined the business as part of the Computershare Fund Services transaction in September."
Onevue chair Gail Pemberton said the $6.75 million placement, which required shareholder approval, received unanimous support.
"The capital raising allows us to focus on further expansion and innovation, and even greater outcomes for existing and prospective clients and partners," she said.
McKeage said Onevue was moving towards an ASX listing in the second quarter of 2014, adding no further capital raising would be needed before the initial public offering.
She said the business had interest that exceed Onevue's $8 million capital raising target.
"OneVue is an SMSF sector participant," Mckeage said.
"We access the SMSF market via key distribution avenues being intermediaries such as planners and accountants, and third party brands that market direct to consumer. The soon to be launched ASX Managed Funds Service, also known as AQUA II, will provide a third avenue.
Recommended for you
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
