OneVue has move to acquire Select Asset Management in what appears to be a move born of the two companies having worked together on recent projects.
The transaction was announced today with the two companies saying the acquisition was expected to deliver an increase in retail funds under management and administration to $2,609 million.
The announcement said that Select employees would join OneVue at their Sydney office and that Select chairman and chief executive, Brendan Foley, would be appointed deputy chief executive of OneVue with two other Select directors being appointed to the executive team.
Commenting on the move, OneVue Group CEO, Connie McKeage said it would enable the company to more effectively deliver a broader range of client solutions.
The announcement said the transaction was being fully funded from existing cash reserves.