The administration solution company said the purchase of Computershare Fund Services (CFS) will strengthen the under-invested sector as well as increasing OneVue’s market share.
“This acquisition will catapult OneVue into becoming the largest provider of outsourced unit registry solutions in Australia,” OneVue group chief executive Connie Mckeage said.
“On top of that, connecting to the ASX Managed Funds Services, commonly referred to as AQUA II, will change the landscape of the sector as investors will be able to transact managed funds on the Australian Stock Exchange for the first time.”
Ms Mckeage said OneVue has already begun relocating the CFS businesses, which is expected to take several months, but operations will continue during this time.
“OneVue is in the process of lifting out CFS staff and operations, and relocating them to OneVue’s new office in Melbourne which is in close proximity to where CFS premises are situated at the moment.”
“The lift-out of staff, systems and related collateral from CFS will secure continuity of services currently provided to CFS clients, which includes BNP Paribas and Centuria Capital.
The announcement follows the release of Computershare’s full-year financial result last week which saw its statutory net profit fall by 9.2 per cent from the previous year, reaching $157 million.
In a results statement to the ASX, Computershare noted its decision to cease operating its Australian Fund Services business was a result of “ongoing inadequate financial performance and the prospects of any material improvement being remote”.
