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OneVue posts growth in number of super members
OneVue has recorded a record number of superannuation members, which grew by three per cent quarter-on-quarter and was up 67 per cent on previous corresponding period (pcp), thanks to additional business secured from existing clients of the acquired KPMG Super business.
This was followed by an 8.1 per cent growth in funds under administration as of at 31 March, 2019.
At the same time, fund numbers went up by 41 per cent on the previous quarter and was up 78 per cent on pcp, with 426 new funds being added late in the quarter.
OneVue said the managed fund administration FUA closed at $494 billion and reflected the firm’s leading position on its managed fund administration business.
Fund services in total represented a 61 per cent increase of H1 FY19 revenues.
As far as the platform services were concerned, the firm posted a seven per cent q/q growth in funds under administration which reached $4.7 billion, with annual inflows of $1.2 billion.
This was helped by the transition of FUA of $500 million from two new white labels signed within the previous quarter, the firm said.
Following this, funds under trustseeship (FUT) grew by 10 per cent to $12.8 billion, helped by the sale of the business to Sargon.
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