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.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
While some superannuation funds have gone down the route of internalisation, others say they favour ‘smart partnering’ with external managers for diversification appeal.
Add new comment