OneVue posts positive cashflow
Provider of wholesale services to the wealth management industry, OneVue has posted its fourth consecutive quarter of positive cash flow as at the end of March.
In an announcement to the Australian Securities Exchange (ASX), OneVue said that cash balances at quarter end stood at $26.5 million, with net cash of $16.5 million.
At the same time, net cash from operations for the quarter was $0.75 million and after acquisition and integration costs of $0.45 million net cash from operating activities stood at $0.29 million.
During the quarter, the company also completed the final operations integrations for the acquired Diversa business.
OneVue’s managing director, Connie Mckeage, said: “Our operating performance for the quarter was in line with expectations and we continue to see increasing benefits of scale as the business grows.
“We look forward to benefiting from the contribution of the integrated Diversa business in the remainder of this financial year and into FY18.”
AUTHOR
Oksana Patron
Recommended for you
The use of total portfolio approaches by asset allocators is putting pressure on fund managers with outperformance being “no longer sufficient” when it comes to fund development.
With evergreen funds being used by financial advisers for their liquidity benefits, Harbourvest is forecasting they are set to grow by around 20 per cent a year to surpass US$1 trillion by 2029.
Total monthly ETF inflows declined by 28 per cent from highs in November with Vanguard’s $21bn Australian Shares ETF faring worst in outflows.
Schroders has appointed a fund manager to its $6.9 billion fixed income team who joins from Macquarie Asset Management.
