OneVue Shares Business Performance Post Acquiring KMPG Fund Administration Business

  • Dec 21, 2018 AEDT
  • Team Kalkine
OneVue Shares Business Performance Post Acquiring KMPG Fund Administration Business

OneVue Holdings Limited (ASX: OVH) is a fin-tech company based out in Australia, operating in Fund Services, Platform Services, and Trustee Services. OVH is top-ranked in Fund Services managed fund administration as well as in Superannuation Trustee Services. It provides investment solutions to digital member-based, retail, and self-managed super funds.

Today, OVH announced that since the acquisition of KPMG’s leading Super Member Administration business, it is performing well and is meeting all its financial, business and integration objectives, in line with guidance provided.

KPMG’s Super Member Administration business was created in 1989. Today, it is the fourth largest external fund administrator in Australia having funds under management of about $2 billion. It serves over 40,000 members across financial institutions and superannuation funds.

On 16 April 2018, OVH announced the completion of its purchase of KPMG’s Super Member Administration business for a cash consideration of $6.5 million, becoming the fourth largest superannuation member administrator in the market. Through the acquisition, OVH’s funds under administration have catapulted to over $4 billion, with 130,000+ members and 38 superannuation funds.

Post the acquisition OVH has delivered a robust year-end performance across the client base by retaining all its clients. It has, further, moved the superannuation team from the KPMG’s Barangaroo office to OVH’s Sydney office. OVH is now focussing on further integrating the acquisition with its pre-existing superannuation business. It is in the final stages of assessing and selecting system technologies for the combined business.

The renewal of the contract with its largest fund, Aon and Equity Trustees, for a further 3-year period, has made the company to achieve a new milestone. Also, OVH is working closely with Aon to support an additional range of services offered to Aon members through Aon’s market-leading initiative called “smart Monday”.

As per the management, OVH is delighted with the KPMG acquisition owing to its good performance,  high scale, deep expertise and a clear growth runway in the market. Further, the renewal of the new Aon/Equity Trustee agreement triggers the KPMG vendor’s (KPMG Australia) entitlement under the acquisition agreement to the final outstanding two performance-related payments, with $5.5m now due to be paid in H2 FY19 and $5.5m due in H2 FY20.

Yesterday, OVH announced the sale of its Trustees Services business for $45 million in cash to Sargon Capital Pty Ltd. (Sargon), a fin-tech and infrastructure company. OVH decided to sell its business segment in order to focus more on its Platform Services and Fund Services Business. In the FY18 results, it contributed 13% of the total revenue with $11.451 billion Funds under Trusteeship (FUT). FUT went up by $614 million or 5.4% to $12.069 billion in the first quarter of FY19 results declared on 30 October 2018 because of the increased level of interest since the Royal Commission. The growth was of $2.4 billion or 24.6% over the previous corresponding period.

The scrip price has declined over 12% during the year falling from 68.5 cents at the beginning of the year to 59 cents today. Today, the price is down by 1.7% with a dip of 1 cent.


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