Amid the Sargon kerfuffle and an acquisition bid, OneVue has managed to snag its single biggest client in its managed funds administration business.
Australian Unity Wealth & Capital Markets (AUWCM) has signed a five-year outsourced managed fund administration agreement with OneVue and will move its property funds and investment bonds to the latter's services.
The agreement is subject to satisfying APRA's review during the required notification period, OneVue said in company filings this morning.
If implemented, Australian Unity will become the single largest managed fund administration client at OneVue and will increase total items processed across the business by 25%, it said.
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"One of OVH's first clients was AUWCM. [Its] people and partnerships are very special to OVH and it is really nice to see the partnership evolve from a long-standing managed fund installed software client to becoming OVH's largest single outsourced managed fund administration client," OVH managing director Connie McKeage said.
The transition will occur in product tranches beginning in the last quarter of 2020 and is expected to complete in 2021.
"We undertook an extensive review of providers and services to select a partner that can deliver high quality service to our clients now and in the future," AUWCM general manager operations and enterprise services Sarah Kelher said.
In a separate update, this morning it said Madison's sale to Clime has been completed as Taiping Trustees gives it consent. But OVH and Taiping will continue to fight over the proceeds and who pays the receivers an estimated $1.3 million.
The two parties are also fighting over Sequoia shares proceeds, and trustee/RE operating businesses' proceeds, where the Federal Court on June 17 extended the deadline for submission of supporting materials for the creditors' claims to July 24.
The matter will return to court on August 21.
Meanwhile, OneVue's major shareholders Alex Waislitz's Thorney companies have continued to increase their shareholding in OVH after the billionaire investor said IRESS's bid to acquire OVH at 40 cents per share wasn't good enough.