News

OneVue will play a lead role in industry education on the rapidly growing managed accounts sector.

The wholesale superannuation solutions provider today announced it has renewed its sponsorship of the industry’s peak body, the Institute of Managed Account Professionals (IMAP).

OneVue head of platform strategy, sales and service David Storm said: “It’s important for us to work with groups such as IMAP and take a leadership position in the promotion, participation and education of managed accounts.”

According to Storm many advisers have expressed an interest in managed accounts, but are daunted by the range and complexity of products available.

“Many advisers struggle with managed accounts as they don’t have experience with them, but those who do, say more transparency, less admin and accessibility are reasons for use.”

“Managed accounts aren’t just marketed at high-net-worth individuals as they were in the mid-1990s, they now target the average investor,” Storm added.

The managed accounts space is now valued in excess of $15 billion, and considered a significant part of the retail investor market.

IMAP chief executive Toby Potter said he was thrilled to have OneVue’s support as the industry evolves.

Philo Capital Advisers has released the first instalment of a 3 part white paper that seeks to provide much needed industry education on managed accounts.

The paper is targeted at financial services practitioners who are interested in implementing managed accounts within their business but feel they need a more thorough grounding in the topic to equip them to assess the opportunity.

Click here to read Part A of the white paper.

Chairman of IMAP Toby Potter spoke to Greg Bright of IO&C about the journey managed accounts have taken and their likely future. ... click on link to read article at their website.

http://ioandc.com/the-story-behind-the-evolution-of-managed-accounts/

Key highlights:

• Select Group established in 2002; recorded total revenue in FY2014 of $7.1m and has been profitable in each of the past 5 financial years.

• Attractive financial metrics with the acquisition expected to be accretive on an EBITDA per share basis for FY2015

• Total retail Funds Under Management and Administration increases from $1,940m as at 30 June 2014 to $2,609m and Total Funds Under Supervision rises from $711m to $1,614m

• Transaction is fully funded from existing cash reserves and the issue of OneVue shares

• Brendan Foley, current Chairman and CEO of Select, to be appointed Deputy CEO of OneVue

OneVue Holdings Limited (ASX: OVH) (OneVue) has today agreed to acquire Select Asset Management Limited, trading as Select Fund Services and Select Investment Partners Limited. Completion is expected to occur tomorrow.

OneVue mFund Settlement Service capabilities will be leveraged by a fund services client for the first time.

Allan Gray, an existing OneVue outsourced unit registry client, is expanding its distribution and making the Allan Gray Australia Equity Fund and Allan Gray Australia Opportunity Fund available via mFund.

The Australian Securities Exchange (ASX) launched mFund in May, to make unlisted managed funds more accessible to direct investors.

Both OneVue and Allan Gray are foundation members of mFund.

12 August 2014

IMAP believes ASIC ruling will promote development of Managed Accounts.

Will substantially reduce the compliance burden for advisers re MDAs.

The Institute of Managed Account Professionals (IMAP) has welcomed ASIC clarifying its interpretation of the circumstances in which an SMSF trustee can be treated as a wholesale client. The general test which can now apply means that an SMSF trustee is a wholesale client if a certificate is available from a qualifying accountant that the trustee has net assets of $2.5m or income of over $250,000 for two years. 

In their announcement released on 8 August 2014, ASIC states that its “…revised approach means that … if the person providing the advice determines… the trustee is (personally) a wholesale client based on the general test…” then the adviser can treat the SMSF trustee as a wholesale client.

BetaShares to exclusively market the full range of WisdomTree US ETFs in Australia and New Zealand

BetaShares and WisdomTree to explore development of ASX products providing access to WisdomTree investment strategies

SYDNEY, 9 August 2014: BetaShares has today announced a strategic alliance with WisdomTree Investments Inc. (NASDAQ: WETF), a leading exchange-traded product (“ETP”) sponsor and asset manager. Under the terms of the agreement, BetaShares has been granted exclusive rights to market the full range of WisdomTree US listed ETFs in Australia and New Zealand to institutional investors.

In addition, BetaShares and WisdomTree will explore the development of products on the Australian Securities Exchange (“ASX”) with the aim of providing investors in Australia and New Zealand access to some of the innovative investment strategies pioneered by WisdomTree.

Wholesale superannuation solutions provider OneVue has purchased the award-winning SMSF administration business formerly owned by Super Managers Australia.

OneVue group chief executive Connie Mckeage said the SMSF administration business, which will remain Melbourne based, will become a subsidiary of OneVue and be rebranded ‘SMSF Managers’.