OneVue told shareholders it signed the five-year outsourced administration agreement on Monday, with it remaining subject to an APRA review.
The group is transitioning its range of investment and property funds and investment bonds onto OneVue’s managed fund administration services.
After the group moves over all of its funds, OneVue signalled it expects to see a 25 per cent increase in the total number of items process across its business.
The transition will support Australian Unity’s client engagement as well as increase the level of automation and efficiency for its range of investments.
The transfer will occur in product tranches beginning in the last quarter of 2020 and is expected to be complete next year.
OneVue managing director Connie McKeage commented Australian Unity was one of the administrator’s first clients.
“[Australian Unity’s] people and partnership are very special to OneVue and it is really nice to see the partnership evolve from a [longstanding] managed fund installed software client to becoming OneVue’s largest single outsourced managed fund administration client,” Ms McKeage said.
OneVue deputy chief executive Richard Harris-Smith added the growth of the relationship with Australian Unity to an outsourced administration service will benefit both companies.
“[Australian Unity] will be integrated into our highly automated and scalable model and I am very excited about this opportunity as we continue to build on our managed funds business,” Mr Harris-Smith said.
OneVue is also in discussions around its stakes in previous Sargon Capital entities, after the sale of one of the companies involved, financial advice group Madison Financial Group, was confirmed to be complete on Monday.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
