OneVue has eye on pushing APA platform
OneVue will invest $3 million in portfolio administration provider APA Financial Services over the coming three years in a bid to further develop and distribute APA’s investment platform in the Australian and New Zealand markets.
OneVue is the new merged entity comprising Pentafin and managed account provider Direct Portfolio. The arrangement will be executed through OneVue’s subsidiary, SMA Solutions.
SMA Solutions will subscribe $1 million for a 10 per cent equity interest in APA’s subsidiary, Australian Portfolio Administrators, the entity offering APA’s investment platform service. Both Australian Portfolio Administrators and the platform will be rebranded as OneVue under the agreement.
SMA Solutions will take over the obligation to develop the technology for the platform and will take over the administration of the platform’s clients and staff members.
A statement from APA said SMA Solutions has committed to spending a minimum of $2 million over the coming 18 months on the development of the platform.
Outgoing APA managing director Paul Malcom said the agreement highlights “the real value of the underlying platform business, which is not currently reflected by APA’s share price”.
Malcom will step down as managing director of APA and will join SMA Solutions as chief executive of managed accounts, while remaining on the board of APA.
Current APA chairman Michael O’Connor has resigned effective immediately and will be replaced by Graham Anderson in the interim.
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