OneVue FUA in platform services rises 45 per cent
Funds under administration (FUA) for OneVue platform services rose 45 per cent in the six months to 31 December 2014, according an OneVue results announcement on the ASX.
OneVue said FUA for platform services increased from $1.9 billion to $2.8 billion in the six-month period as a result of net funds flow and the Select acquisition.
While earnings before interest, taxes, depreciation and amortization were positive at $22,000, OneVue experienced a loss after income tax of $1.6 million for the six months.
OneVue Group chief executive Connie Mckeage said the results are on track with OneVue’s expectations and reflects the “operational milestones for the period”.
“This includes the enhancement of our overall superannuation and investment management offering delivered through the acquisition of Select Investment Partners,” Ms Mckeage said.
Ms Mckeage also said the development of mFund and greater levels of automation has “added new clients and driven a two-fold increase in processing efficiency”.
“Outsourced registry is now very well positioned for growth.”
OneVue stated it intends to continue to build scale and innovation by introducing Digital Direct services as well as its back-office service driven by “continually enhanced technologies”.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.