OneVue seeks institutional investor
Platform provider OneVue is looking for an institutional investor to acquire a minority stake in the company, which it says would benefit OneVue's distribution expansion plans.
OneVue chief executive officer Connie McKeage said the decision was not financial, but one which would raise OneVue's brand awareness in Asia.
"We plan on delivering products in Asia and we need a global company as a backer, so potential clients will know who we are," McKeage said.
"No matter how many well known Australian institutions are backing you, it means little to Asian investors," she added.
OneVue has appointed PricewaterhouseCoopers Securities to help the platform provider select a minority shareholder by February 2012.
The prospective shareholder would acquire 10-15 per cent of OneVue's stake and would ideally have a large presence in Asia.
Meanwhile, Australian institutions such as Australian Unity Investments and Aviva Investments continue to be key unit registry partners of OneVue, McKeage said.
"The larger the organisation, the greater it was perceived that having an institutional brand on the register would benefit OneVue's distribution expansion plans, hence the decision by the board to proceed in acquiring a minority shareholder," she added.
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