OneVue has taken control of pensions company Super Managers Australia Pty Ltd (SMA) to expand its superannuation administration business.
OneVue will acquire 50 percent of SMA, including the superannuation administration subsidiary Super Managers Fund Administration. It will also acquire a 20 percent stake in the parent company Super Managers Holding Company Pty Limited from a third party.
This is the second transaction between the two companies in 2014; OneVue acquired the self-managed fund administration business in May. OneVue will now take over control of the board.
The pair will sign a share subscription agreement and a shareholder agreement, and, subject to conditions, will enter in to a deed to discharge OneVue’s $1.5 billion load to SMA, in exchange for SMA issuing shares to OneVue.
OneVue Group CEO Connie Mckeage said: “The SMA acquisition is part of OneVue’s objective of further scaling our middle to back office administration capability whether that be via organic growth or by acquisition,”
Both the self-managed and enhanced retail superannuation services will relaunch with the OneVue platform services in the first half of 2015.
Mckeage added: “The purchase will complement OneVue’s existing investment administration business. As much as this transaction is intended to create opportunities for new clients, it’s also about strengthening services and increasing capabilities offered to existing clients.”
