Equity Trustees buys OneVue RE business
EQT Holdings, the holding company for Equity Trustees, has agreed to acquire OneVue Holdings’ responsible entity (RE) for $3.5 million.
OneVue’s RE covered 27 managed investment schemes and around $2.3 billion of funds under supervision and the acquisition was expected to strengthen Equity Trustees’ position as a provider of RE services, the company said.
The transaction, which would be subject to certain conditions, was expected to be completed in the first quarter of 2018.
It would be funded from existing liquidity and debt facilities.
According to EQT’s managing director, Mick O’Brien, the OneVue RE business represented a good fit for Equity Trustees’ corporate trustee services business.
“The acquisition and partnership with OneVue allow both groups to play to their strengths, for the ultimate benefit of clients and shareholders,” he said.
“It is because Equity Trustees is a specialist provider of fiduciary services that we can form strong partnerships with capable industry participants that benefit all parties.
“We will continue to seek out opportunities to further strengthen this position and grow market share.”
Under the terms of the deal, the administration of the Equity Trustees managed funds would be outsourced to OneVue.
O’Brien said also he expected that Equity Trustees would double its RE funds to $100 billion over the next five years.
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