Fund Company Update

Company Updates

Iress buying OneVue

Global financial services software and admin company, Iress, is buying Australian platform, admin and registry company, OneVue, under a scheme of arrangement. The acquisition expands Iress’s already sweeping presence in the Australian superannuation industry. OneVue has around $5 billion in assets administered for superannuation fund members. The purchase is still subject to shareholder and regulatory approvals. The deal is worth $107 million.

Madison deal signed by Clime IM

Clime Investment Management has signed the share sale deed for Madison Financial Group. OneVue made a statement saying the sale includes Madison Financial Group, AdviceNet, WealthPortal, and Proactive Portfolios for a total expected consideration of $5 million. Out of this, $2.5 million is subject to a two-year escrow, which reduces to $1.25 million after 12 months. Completion is conditional upon consent (or court order) for the sale from Taiping Trustees Limited.

Madison has about 100 advisers and $3 billion in funds under advice and in-force insurance premiums of $65 million, with total gross revenue sitting at about $34 million, according to Clime filings.

GuildSuper chooses Iress as administrator

Industry fund GuildSuper, the fund for childcare, pharmacy, allied health workers and vets, has awarded its administration mandate to Iress. GuildSuper has 80,000 members, who will now benefit from Iress’ Automated Super Admin service.