(Pictured: Connie Mckeage)
OneVue has capitalized on its recent IPO already and will expand its outsource offering to include a responsible entity service following the purchase of Select Asset Management.
Select, which was established in 2002 as a fund-of-funds manager covering alternative as well as mainstream asset classes, has also developed the RE business – Select Fund Services – for Australian and offshore managers.
Connie Mckeage, OneVue’s chief executive, said that while her company already had its own RE, the outsource business required a different skill set. The Select investment team – Select Investment Partners – would continue to run its multi-manager funds and work with financial planners to build customized portfolios.
Dominic McCormick, a co-founder who heads up investments, becomes a OneVue shareholder under the deal, as does Select’s chairman and chief executive, Brendan Foley. Foley will become deputy chief executive of OneVue.
The company, which listed in July, is paying $2.7 million in cash and $4.3 million worth of its own scrip in the transaction. Select recorded revenue of $7.1 million in the year to June 30. The deal lifts OneVue’s funds under management and administration from $1.9 billion to $2.6 billion and its funds “under supervision” from $711 million to $1.6 billion.
Mckeage said that there was overlap in the client bases of OneVue and Select, including RE clients Neuberger Berman and Smarter Money Investments (an associate of Yellow Brick Road. She said the company had sufficient resources for further acquisitions.
NOTE: the author is a small shareholder in OneVue.