OneVue acquires Super Managers Australia
OneVue Holdings has acquired super admin Super Managers Australia (SMA) to expand its superannuation capabilities.
The total consideration of $5.2 million represents the acquisition of all issued shares in SMA and assumption of external debt in the business of $3.6 million, as well as the previous loan funds of $1.5 million provided to SMA managers by OneVue.
OneVue Group chief executive, Connie McKeage, said the acquisition would complement OneVue's existing super services.
"We were able to complete a thorough due diligence exercise given we have been providing management services to SMA since May 2014. Under OneVue's management, significant restructuring of the business has already been completed and the business now has a pipeline of potential new clients," McKeage said.
"The business is also already fully integrated with both OneVue's digital direct service and the recently launched LUMINOUS adviser platform. Further cost synergies and opportunities across the Group remain to be captured."
SMA will be rebranded to OneVue Super Services to reflect its role within the OneVue Group.
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
