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Diversa acquisition gives strong OneVue results
OneVue has posted strong results for its fund, platform, and superannuation services off the back of its OneVue Super Services (OVSS) and Diversa acquisitions for the half-year ended 31 December 2016.
OneVue’s fund services revenue grew by $3.9 million (86 per cent) where $3.1 million was from the OVSS and Diversa acquisitions.
It’s earnings before interest, tax, depreciation, and amortisation (EBITDA) of $0.8 million was a result from growth in unit registry clients and benefits of acquisitions in super member administration (superannuation services).
Superannuation services funds under management for the same period reached $1.7 billion, after a 53 per cent increase thanks to Praemium transferring its administration to OneVue in December 206, a net growth from clients of $187 million, and the integration of Diversa super members which added a funds under administration (FUA) of $415 million).
OneVue said its platform services reached a record retail super FUA of $3.8 billion driven by an increase in gross inflows of 27 per cent to $616 million, and $363 million of funds from the Diversa acquisition.
Platform services revenue was up eight per cent compared to the prior corresponding period.
Superannuation trustee services, that represent the acquired Diversa Trustees business, had a funds under trusteeship (FUT) increase of $443 million (five per cent) to $8.9 billion.
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