OneVue posts record retail FUM
Investment technology group, OneVue Holdings has posted record retail funds under management (FUM) of $3.247 billion for the first half of 2016 (1H16) after the acquisition of retail superannuation administrator, Super Managers Australia, renamed OneVue Super Services Holdings Pty Ltd (OVSSH).
This represented a six per cent growth in retail FUM since June during tough market conditions, the group reported.
OneVue also reported more than 150 new adviser registrations since it launched the LUMINOUS platform in September last year, with the platform contributing $116 million in retail net funds flow.
Total retail net funds flow for the half year stood at $210 million.
The group also reported total funds under administration grew by 33 per cent with the acquisition of OVSSH, to reach $4.957 billion.
Total FUA in the fund services segment, under which OVSSH was integrated, grew 16 per cent or $58 billion over the period to $413.2 billion while total number of transactions processed jumped by 19 per cent.
The segment now had 130,000 investors and 52,547 investment transactions processed, while transitioning nine new fund managers, and securing a five-year contract with a third major custodian.
OneVue posted underlying earnings before interest, taxes, and amortisation of -$839,000 for the half year ending 31 December, 2015, after an intense half year of transitions.
Additional annual recurring revenue of over $2 million was generated from December 2015.
AUTHOR
Malavika Santhebennur
Recommended for you
AUSIEX has announced it will acquire FIIG, a specialist fixed income provider with $4.5 billion in funds under advice.
Platinum Asset Management has announced it is in discussions with a global alternatives fund manager regarding a possible merger to create an $18 billion firm.
Frontier Advisors has bolstered its Japanese footprint through a partnership with the $350 billion asset management arm of Nippon Life Insurance Company.
JP Morgan Asset Management has appointed an ETF specialist from Vanguard as it seeks to expand its ETF range.
