The purchase of the super trustee comes ahead of OneVue’s proposed listing on the Australian Securities Exchange and has been billed as a “strategic transaction” by the company.
OneVue chief executive Connie Mckeage said the move is indicative of the firm broadening its horizons, but added the company’s servicing of the SMSF sector will not be diminished.
“While our focus on the SMSF sector will continue going forward, we want to ensure we have a role to play right across the superannuation sector and this transaction strengthens our position in the retail superannuation market significantly,” Ms Mckeage said.
“Whilst each service and client segment creates a valuable opportunity for OneVue, we believe it is actually the interplay between the respective channels that creates the greatest value.”
MAP chief executive Jenni Erbel said the deal will enable the two groups to come together to “create a stronger platform for future growth that will enable us to deliver more innovative and competitive investment options to clients”.