David Storm

OneVue will play a lead role in industry education on the rapidly growing managed accounts sector. The wholesale superannuation solutions provider yesterday announced it has renewed its sponsorship of the industry’s peak body, the Institute of Managed Account Providers (IMAP).

OneVue head of platform strategy, sales and service David Storm said: “It’s important for us to work with groups such as IMAP and take a leadership position in the promotion, participation and education of managed accounts.”

According to Storm many advisers have expressed an interest in managed accounts, but are daunted by the range and complexity of products available.

“Many advisers struggle with managed accounts as they don’t have experience with them, but those who do, say more transparency, less admin and accessibility are reasons for use.”

“Managed accounts aren’t just marketed at high-net-worth individuals as they were in the mid-1990s, they now target the average investor,” Storm added.

The managed accounts space is now valued in excess of $15 billion, and considered a significant part of the retail investor market.

IMAP chief executive Toby Potter said he was thrilled to have OneVue’s support as the industry evolves.

“As with many other areas of the advice industry, there is considerable uncertainty about the future shape of regulation.”

“IMAP will play a key role in the coordination of the industry’s response to regulation, and having sponsors like OneVue to work alongside is increasingly important.”

In the coming months IMAP will launch the first managed accounts directory which will be a comprehensive listing of Australian participants.

“Our aim is to bring together advisers, managers, platforms and other managed account service providers to help build a better industry faster,” Potter concluded.

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Connie McKeage

OneVue Holdings Limited (OneVue) last week agreed to acquire Select Asset Management Limited, trading as Select Fund Services and Select Investment Partners Limited.

Select Fund Services (SAML) is a specialist provider of responsible entity (RE) services and one of Australia’s leading REs for multi-asset trusts. The business also provides services to leading single strategy managers and access to Australia via unit trust fiduciary services for global offshore groups.

Select Fund Services acts as RE for groups such as Neuberger Berman and Smarter Money Investments (50% owned by Yellow Brick Road) who are also clients of OneVue. It has a 12 year track record in fiduciary and RE services with a stable and experienced operations, technology and compliance team.

Select Investment Partners (SIPL) is a specialist multi-asset investment manager and implemented portfolio consultant with a track record of over 12 years managing diversified multi-asset portfolios. The business is based in Sydney with 15 people. SIPL works with financial planners to enable them to offer Customised Portfolios to their clients.

“The acquisition follows OneVue’s stated objective to grow the company organically and acquisitively and is strategically important in delivering value added services to both OneVue’s Fund Services and Platform Services’ clients“, said Connie Mckeage, CEO of OneVue.

The consideration for the Select businesses will be paid $2.7m in cash and $4.3m in OneVue scrip.There is also an incentive component, payable in scrip, for total revenue growth above an agreed threshold in Select Investment Partners during FY2015. Shares issued will have an escrow period of up to 12 months. The cash component will be funded from existing cash holdings.

Brendan Foley, Chairman and CEO of Select, said, “Having worked successfully with OneVue over the last year on a range of projects from unit registry and mFund services to the development of a managed account solution for our customised portfolio solutions, we have seen the complementary nature of our respective client lists and service offerings. By merging the businesses, the current value propositions for our respective clients will be enhanced.”

Select and OneVue are complementary businesses. SIPL strengthens OneVue’s superannuation trustee business, MAP Funds Management. SAML’s services enhance OneVue’s existing Fund Services offering by creating a broader suite of unit registry, RE services and mFund distribution.One of the cornerstones of the transaction is the strong cultural fit of the businesses, and that OneVue’s management capabilities are broadened and deepened.

The acquisition is expected to deliver a number of key financial benefits for OneVue:

• Retail Funds Under Management and Administration (FUMA) will increase from $1,940m to $2,609m (Excludes one asset consulting contract prior to the acquisition advised as winding up in Nov 2014)
• Total Funds under Supervision (FUS) from RE and trustee services will increase from $711m to $1,614m as at June 2014
• Select’s consolidated revenue was $7.1m in FY 2014. Revenue included incentive fees earned in the Investment Partners business of $1.6m and paid on returns in excess of a bank bill benchmark
• OneVue expects that the transaction will be accretive on an EBITDA per share basis in FY2015
• Revenue impact by offering RE services as part of a broader offering to domestic and international custodians and investment managers
• Cost and capital synergies identified

Select employees will join OneVue at their Sydney office. Brendan Foley, Chairman and Chief Executive Officer of Select, will be appointed Deputy CEO of OneVue and two other Select directors will be appointed to the executive team.

“This acquisition will enable us to more effectively deliver a broader range of client solutions. I welcome our new shareholders and I am delighted to be working with a team of people who are aligned with the OneVue team in their thinking and equally committed to making a difference” Connie Mckeage, CEO of OneVue, concluded.

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David Storm

Self managed super fund (SMSF) clients are rapidly turning to specialist admin providers, new figures reveal.

According to the OneVue/Investment Trends 2014 SMSF Accountant Report, an extra 35,000 SMSFs started using a specialist provider in the past 12 months.

“Last year it was estimated that 115,000 SMSF trustees utilised the services of SMSF administrators,” OneVue head of platform strategy, sales and service, David Storm said.

“This year there’s been a 30 percent increase, with SMSFs indicating the key reasons are ease of use, low cost and admin efficiency.”

The report meanwhile, found accountants are increasingly considering changing software providers, with 13 percent of those interested in doing so, thinking of progressing to a cloud-based product.Storm said the move to non-installed software solutions is greatly accelerating the delivery of cloud-based accountancy services, which is carrying over to the SMSF sector.

“Of the accountants who indicated a desire to transition, 61 percent stated they’re looking to move to a cloud-based solution in the next 12 months.”

“We believe the ability to allow both the trustee and the accountant to view asset details daily and online, has strong appeal and will continue to drive platform growth in the SMSF sector.”

“OneVue is committed to platform development aimed at SMSFs, and will continue to enhance our current capability.”

Although fees are universally seen as a major barrier for SMSFs using investment platforms, 57 percent of accountants surveyed said they’re appropriate to manage client portfolios.

The top three reasons are consolidated reporting, access to wholesale funds and rates and easier administration, while the common drivers towards a particular platform are good reporting, ease in managing and familiarity

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The Australian Securities Exchange (ASX) launched mFund in May, to make unlisted managed funds more accessible to direct investors.

Both OneVue and Allan Gray are foundation members of mFund. OneVue chief operating officer, Lisa McCallum, said the company will act as Allan Gray’s product issuer settlement participant (PISP) and facilitate connectivity to mFund.

“One of the key benefits is OneVue’s connectivity to the ASX’s Clearing House Electronic Subregister System (CHESS) which has automated integration into our core registry system, Trust Architect.”

McCallum added that OneVue is particularly pleased to grow its relationship with Allan Gray and have the fund manager as the first to utilise its mFund capabilities.

“We’re also in discussions with a number of our other fund manager clients that are looking at this functionality and interest is growing rapidly.”

Allan Gray Australia chief operating officer, JD de Lange, said: “We see mFund as an opportunity to expand our nation-wide retail distribution capabilities.”

“We’re delighted to have a registry partner like OneVue who can help us provide another convenient channel through which investors can invest into the Allan Gray products.”

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Connie McKeage

Wholesale superannuation solutions provider OneVue has purchased the award-winning SMSF administration business formerly owned by Super Managers Australia.

OneVue group chief executive Connie Mckeage said the SMSF administration business, which will remain Melbourne based, will become a subsidiary of OneVue and be rebranded ‘SMSF Managers’.

“We will be retaining all staff including client investment and SMSF services manager Peter Renner, senior accountant Salvatore Solano and accountant Adam James,” she said.

“Peter, Salvatore and Adam will strengthen OneVue’s expertise, capability and reach in the SMSF sector, while OneVue will provide them with greater access to support, services and a considerable list of clients.”

Mckeage said the team has done fantastic things at Super Managers Australia having been ranked by AFR Smart Investor Magazine as No.1 SMSF administration provider in 2013 for premium service and at the same time being highly commended in the category of discount service.

In 2011 AFR Smart Investor also ranked the team No.2 for best SMSF service and in addition to that the team was named best SMSF provider at the 2013 Government Finance & Banking Awards.

Mckeage said the purchase complements the existing investment administration business that OneVue is known for and at the same time extends OneVue’s SMSF services in the areas of tax and audit.

“SMSF Managers will have the ability to grow via wholesale arrangements with partners of OneVue and the opportunity to accelerate our growth ambitions in the SMSF sector together is very appealing,” she said.

“As much as this transaction is about creating opportunities with new clients, it is also about strengthening services and increasing capabilities offered to existing clients.”

Mckeage said the team joining OneVue is a solid one, highly respected by their client base and one which OneVue is looking forward to working and collaborating with.

“Peter has been with Super Managers Australia for 12 years and prior to that worked with companies such as AMP and IOOF,” she said.

“He has been in the superannuation industry since 1998 and is a certified practising accountant as well as a registered tax agent and ASIC registered SMSF auditor.

“Salvatore who has been with the business since 2006 is a senior accountant and has had experience with a number of suburban and CBD based accounting practices.

“Adam who joined last year from a suburban practice is responsible for the SMSF fund processing and completing personal as well as trust tax returns.”

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Connie McKeage

OneVue has defined its vision for 2014 and beyond while undergoing a rebranding exercise and officially launching its new public website and company logo.

OneVue group chief executive Connie Mckeage said OneVue’s vision going forward is much broader than what it has been in previous years as its operations now encompass a more extensive suite of both platform and fund services.

“Less than nine months ago we acquired Computershare’s unit registry arm which bolstered our installed unit registry software offering to what’s now a comprehensive fund services operation,” she said.

“The transaction saw OneVue become the market leader in independent outsourced unit registry solutions, with $315 billion in funds under administration and funds administered using our installed software solution as at 31 December 2013.”

Mckeage said the purchase of super trustee MAP Funds Management in February also enabled OneVue to significantly strengthen its position in the retail super market, having launched a low cost super product with MAP via a number of its white label adviser platforms last year.

“These transactions have expanded OneVue’s capabilities considerably and at the same time the range of domestic and global clients that we work with,” she said.

“While our adviser platform has always been one of our flagship services, our operations have encompassed a much broader range of solutions for quite some time.”

Mckeage said a more accurate description of OneVue today is that it’s a fund services specialist and a wholesale provider of SMSF, retail super and digital member based solutions.

“We help businesses, whether they be in financial services or otherwise, to provide their clients and members with an end-to-end investment experience that comprises superior transaction, administration and reporting capabilities,” she said.

“We have our adviser platform and in recent years have created a similar wealth management interface for retail and member organisations. They can brand this portal as their own and at the same time give their clients greater control when it comes to investing online and across a more diverse range of investments.

“OneVue has really evolved into a multipronged business and today we work closely with everyone from advisers and accountants, to retail and member organisations, fund managers, custodians and trustees.”

Mckeage said whilst each service and client segment creates a valuable opportunity for OneVue, the company believes the interplay between the respective channels is what creates the greatest value.

“To give one example of this, there are obvious synergies between us being a foundation member of the ASX’s new managed funds service and that two of our key client segments comprise fund managers and those working with self-directed investors.”

Mckeage added that OneVue went live with its new website and logo over the weekend.

“The new logo is true to OneVue’s origins but at the same time has been reinvigorated while the new website is more encompassing of the complete range of solutions we offer today,” she said.

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Connie McKeage

OneVue has opened the lines of communication between it and industry funds following comments that OneVue’s customised wealth management interface could create a competitive advantage in the prevention of members leaving to establish self managed super funds (SMSFs).

OneVue chief executive Connie Mckeage said with the SMSF industry worth more than $530 billion in Australia today, it’s hard to deny the impact it’s having on the wider superannuation community.

“A major part of our operations is providing SMSF, retail super and member based solutions to businesses within and outside financial services. We know from speaking to clients that it’s not always specifically an SMSF that attracts investors, but rather the greater control and flexibility that comes with it,” she said.

“While there has been a lot of debate around the suitability and flexibility of certain types of super funds, we believe you should be able to retain your industry fund membership and if desired be able to opt for increased choice when it comes to investment making decisions.”

Mckeage said a number of industry funds had been making inroads into making this possible over the last few years and OneVue’s customised wealth management interface compliments that strategy very well.

“Our wealth management interface can be branded and customised for various retail and member organisations that want to engage members who are looking for more flexible investment options,” she said.

“Similar to our investment platform that provides advisers with administration, transaction and reporting capabilities, our wealth management interface is designed for investors that want the ability to do things themselves without necessarily having the full responsibility of an SMSF.”

Mckeage said that unlike traditional broking websites, OneVue’s wealth management interface enables
members to choose from numerous managed funds and all ASX listed securities, including exchange traded
funds.

“Investors can also select from a variety of term deposit providers and separately managed account model
portfolios from a number of reputable and well known investment managers such as Perpetual, JBWere and
YBR Funds Management, to name just a few,” she said.

“Members are given a much wider selection of investment types to choose from and because OneVue isn’t aligned to a big institution, members are not locked into set menus that favour proprietary products.

“Industry funds can enhance the member experience through the provision of analytical tools, education and research. Members are given a holistic view of their total wealth, as well as consolidated reporting across all assets and liabilities, and they can streamline transactions via integrated order pads.”

Mckeage added that OneVue’s open architecture means it can also incorporate outside products and
services into its solutions depending on business requirements.

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OneVue chief executive and continuing OneVue board member Connie Mckeage said following the business’ proposal last year to list on the Australian Securities Exchange in 2014, it was necessary the board undergo a renewal process.

“It’s important in the lead up to an IPO and going forward that we retain links to our history and at the same time have the right skills to take OneVue to its next stage of evolution,” Mckeage said.

Gail Pemberton will continue in her role as chair, a position she has held since 2007.

“Gail’s career has spanned the globe, with current roles including chair of Onthehouse and SIRCA Technology, and non-executive director of Paypal Australia, Baycorp and QIC. In Gail’s executive career she also achieved major milestones at BNP Paribas and Macquarie Bank,” Mckeage said.

New board member Garry Wayling brings to OneVue more than 30 years of experience in a professional services career, primarily in external audit and advisory roles with Arthur Andersen and Ernst and Young.

“Garry’s audit background is complemented by current experience in directorships and managerial roles within an ASX listed environment,” Mckeage said.

“Regarded as a specialist in private emerging growth companies and private equity backed businesses, Garry’s experience has included business planning, IPOs, due diligence and Sarbanes Oxley reviews

“In the Strategic Growth Markets Group of Ernst and Young he was the Oceania Markets IPO leader.”

Also new to the OneVue board is Greta Thomas who has expertise in strategy, marketing, and creating and building businesses internationally. She was named one of the leading 50 current and emerging female leaders by Advance in 2011.

“Greta has significant experience consulting to leading financial services organisations on new ventures and business models,” Mckeage said.

“In addition she has worked with and helped build a number of other businesses with high growth potential, including eBay and Bono’s (PRODUCT) RED. She also worked for global consulting firm McKinsey and Company.

“Our third board member to be appointed is Karen Gibson who joins post our purchase of MAP Funds Management in which she remains a director of the MAP trustee board.

“Karen has worked with boards of large and small, retail and industry, government and non-government organisations.

“Highlights of her career include facilitating successful merger outcomes including that of City Super with LGsuper, and Suncorp and Metway superannuation funds.

“With more than twenty years of experience in operations, investment strategy, and change and risk management, Karen has held a variety of executive roles, including chief executive of City Super and Energy Super.

Mckeage said subsequent to these new appointments, Michael Cole, Nigel Stokes and Peter Kennedy will step down from the OneVue board to focus on other commitments.

Cole, who remains a major shareholder in OneVue, will oversee the amalgamation of NSW State Super, the NSW Treasury Corporation and the Safety, Return to Work and Support Division.

Cole felt due to the time constraints and to avoid any potential conflicts of interest that may arise from his new role, that it was no longer appropriate he serve on the OneVue board.

Stokes in the meantime will continue to work with OneVue in a consultancy capacity.

Kennedy will focus his time on Kennedy Investments, which offers high value or difficult to access investment opportunities to individual investors, companies, trusts and self managed super funds.

“Michael, Nigel and Peter have a done a wonderful job in helping us to get to where we are today,” Mckeage said.

“We feel very fortunate to have our new board members join us and we are confident that our combined skillsets and experiences will give us maximum leverage to take OneVue to IPO and beyond.”

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Connie McKeage

Wholesale SMSF solutions provider OneVue has purchased super trustee MAP Funds Management, a move OneVue has described as a strategic transaction ahead of its proposed listing on the Australian Stock Exchange (ASX) this year.

MAP chief executive Jenni Erbel said MAP and OneVue have been collaborating on the development of various products and investment options for members and clients since 2011, including a low cost super product which was released to market last year via the OneVue investment platform

“Combining the resources of MAP and OneVue will improve efficiencies and increase skills, capabilities and technology across the board,” Erbel said.

“Together we can create a stronger platform for future growth that will enable us to deliver more innovative and competitive investment options to clients.”

Erbel said OneVue works with a number of highly recognised domestic and global brands including Perpetual, State Street Global Advisors, Centuria Capital and BNP Paribas, and MAP strongly believes in OneVue’s highly experienced board, leadership team and staff.

“We are excited about the opportunities and greater capabilities we will be able to deliver through being part of a larger company, including a reduced administration fee for more than 90 per cent of members in the MAP Superannuation Plan who have a balance of over $10,000,” Erbel said.

As part of the transaction the MAP Trustee Board will undergo a slight restructure whereby a number of existing board members will be retained and new professionals will also be appointed.

“This will provide strong links to MAP’s history as well renewed vision for the future,” Erbel said.

OneVue chief executive Connie Mckeage said OneVue has been a major participant in the self managed super fund (SMSF) sector to date.

“While our focus on the SMSF sector will continue going forward, we want to ensure we have a role to play right across the superannuation sector and this transaction strengthens our position in the retail superannuation market significantly,” Mckeage said.

“Whilst each service and client segment creates a valuable opportunity for OneVue, we believe it is actually the interplay between the respective channels that creates the greatest value.”

Mckeage added that this latest purchase by OneVue would add to OneVue’s geographic footprint, with a location now in Brisbane as well as in Sydney and Melbourne.

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Connie McKeage

The ASX’s new managed funds settlement service will transform the market as it will ultimately reduce administration costs and make it far easier for SMSF investors to participate directly in the managed funds space, according to OneVue.

OneVue chief executive Connie Mckeage said OneVue, which specialises in providing digital SMSF solutions to a range of intermediaries and third parties, is pleased to be one of 60 foundation members of the mFund Settlement Service, as it has now been formally coined.

“A number of impressive fund managers, responsible entities, unit registrars, administrators and brokers have signed on as foundation members, and I think this is just the beginning,” Mckeage said.

“Our sense is that many more organisations, investment managers in particular, will choose to participate in the mFund service sooner rather than later.

“Through mFund we’re redefining the possibilities of the managed funds sector by enabling investors to apply for and redeem units in managed funds under a process similar to how listed securities are currently bought and sold on the ASX.”

Mckeage said most notable was the absence of a number of big name platform providers that had not signed on as foundation members.

“I understand the dilemma they have in trying to protect their existing revenue base but I learned a long time ago that change is inevitable so you may as well embrace it,” she said. 

“A number of industry participants didn’t think mFund would get off the ground but despite what the sceptics thought mFund will launch before the second half of the year and I believe it will be a success.

“There are too many fund managers out there who want to regain control of their businesses and that deserve to have a direct relationship with their clients.

“Platforms take that away from them whereas mFund creates an opportunity for fund managers to reconnect directly with segments of the retail market that until now have been largely intermediated.”

Mckeage said platform providers, including OneVue, now have to adjust their operating models to adapt to this new market offering.

“OneVue is pro-active, not reactive. Any opportunity that can reduce costs, minimise paperwork and provide investors with greater product choice is something we’re going to support and support from day one,” she said.

“Currently managed funds don’t take up a big portion of SMSF holdings, so you can see why tapping into this market, which comprises more than $532 billion in savings, is going to be a huge game changer and fantastic opportunity for fund managers as well as self-directed investors and the advice community.”

Mckeage said she believes organisations that embrace new technologies now are going to be the ones better placed to deliver superior service to clients in the future.

She added that OneVue is equipped to integrate mFund into its solutions when the initiative launches.

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