(Pictured: Connie Mckeage)
OneVue is about to sign a “brand name” manager which will bring six managed funds to the ASX’s mFund service. It will change the perception of the market, Connie Mckeage, the OneVue chief executive, told the company’s annual meeting last week.
The inaugural annual meeting of OneVue as a public company – following its recent IPO – was told lots of positive news about the disrupting forces occurring in the market. Positive, that is, for the disrupters.
Mckeage said: “Our vision is to lead the financial services disintermediation by providing a gateway between investors and those that service them.” The market, in the past, has been oligopolistic, dominated by the banks and AMP. The market in the future, if the disrupters are correct, will be much more democratic.
OneVue raised $14 million and is still sitting on $12 million, as at September 30, the meeting was told. Its most recent acquisition was that of Select Asset Management, which included an outsource unit registry alongside the highly regarded funds-of-funds business.
Mckeage, a big supporter of mFund, said the new mFund manager would be announcing its offering in about six weeks. “I think it will change the market,” she said. “We’re very confident about the mFund initiative.” OneVue is the only service provider which has a fully integrated mFund administration offering.
OneVue has a raft of its own initiatives in train, including the development of a model portfolio offering and the launch of the next phase of its “Digital Investor” system.
“In the first half of next year we will be rolling out our new wave of intermediated platform services,” Mckeage said. Reflecting the trend, OneVue has merged its fund services and platform services sales teams. It has also recruited Ric Stevens, a former head of investment operations at QIC, as chief operating officer.
Note: the author is a small shareholder in OneVue.