OneVue looks to capitalise on open APLs
Fund administrator, OneVue is looking to capitalise on the exit of banks and more open approved product lists (APLs).
In an announcement to the Australian Securities Exchange (ASX) on its FY 2019 results the firm’s chief executive Connie McKeage said OneVue while there were strong tailwinds for specialist platforms and OneVue had a significant pipeline of new business opportunities the advice market was fragmenting as advisers moved away from institutional ownership.
“In the shorter terms there is also a record number of advisers exiting the market. Countering this however, is the market share gain by the specialist providers such as OneVue, and the banks and institutions finally opening up their approved product lists to consider ‘other platforms’,” she said.
“In this new environment we think it is important to have brand awareness at both a retail and wholesale level. It is for this reason we acquired NMPE and its marketing capability.”
McKeage said the firm was well position to capitalise on the structural and regulatory shifts taking place in the market in 2020.
“Simplifying the business has freed us to focus our attention on growing the Fund Services and Platform Services businesses and to continue to deliver further scale and operation leverage,” she said.
Mckeage noted that the board would actively pursue further growth opportunities and would consider a buy-back of up to 10 per cent of capital.
In the announcement the firm posted a net profit after tax amortisation of $1.5 million, up 34 per cent, for the year ending 30 June 2019.
It said it had strong revenue performance, with revenues from continuing operations up 35 per cent to $49.5 million.
The firm’s chief financial officer, Ashley Fenton, said the revenue growth came from strong organic growth and through acquisition growth from KPMG Super and NMPE.
“Fund Services revenue performance was strong – revenues up 37.9 per cent to $32.4 million. Managed Fund admin revenues were up 22 per cent on the back of new client transitions and increased items processed,” Fenton said.
“Super member admin revenues of $16.2 million were up 58.5 per cent with $7.7 million of revenues from the KPMG Super acquisition”.
The firm’s platform business revenue was up 28.8 per cent.
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