Key Highlights:
• Positive operating cashflow of $779,000 for the quarter
• $9.2million of cash at quarter end
• Cashflow result assisted by a $1 million R&D refund
• Strong Fund Services pipeline over the next 18 months of $4.5million (per annum), with $2 million of additional per annum revenue going live December 2015.
• On boarded five new RE clients during the quarter including China Asset Management
• Platform Services FUA exceeding $3.094 billion with net inflows of $94m during the quarter
• Platform Services launched its new digital advisor platform Luminous to the market in September 2015
• Endeavour Securities owned by the Linchpin Capital Group was first new client to sign with LUMINOUS with combined funds under advice of $7 billion
• There were no investment performance fees in the quarter
OneVue reported a positive operating cashflow of $779,000 for the quarter. OneVue also completed all payments for acquisitions made to date with the final tranche payment of $720,000 being made during the quarter for the acquisition of Computershare Fund Services.
The Fund Services business has secured an unprecedented number of new clients transitioning over the next 18 months delivering an expected $4.5 million in additional annualised revenues. OneVue Fund Services is in the process of onboarding nine additional fund managers with all currently on track to be fully onboarded by December 2015. Once the transitioning of these nine additional managers has been completed approximately $2m in annualised revenues will be reflected in the financials for the second half of the financial year. The business is now well placed to benefit from the scale and efficiencies of these new clients without commensurate increases in operating costs.
The Platform Services business launched its industry leading new platform Luminous in September 2015. Luminous was conceived over two years ago and offers advisers and clients the ability to create family group reporting; deliver real-time CGT data and review SMSF client’s individual member balances. Luminous offers advisers and their clients the kind of functionality, interactivity and transparency needed from platform solutions.
Within weeks of its launch, Luminous announced its first white label for Endeavour Securities to support the Endeavour Superannuation fund and IDPS offering. Endeavour Securities is owned by the Linchpin Capital Group (Linchpin). Linchpin has a combined adviser force of 200 authorised representatives who currently support the Endeavour Superannuation Fund. These non-aligned advisers are responsible for combined funds under advice of $7 billion across superannuation funds, family offices, high net worth individuals and valued retail clients.
Platform Services also welcomed the specialist dealer group, Accountable Financial Solutions as a new client during the quarter taking OneVue’s digital solutions into the accounting and tax adviser market. OneVue continues to benefit from the growth of its existing white labels including, brightday (News Corporation’s Eureka), Yellow Brick Road, Madison’s and more recently Fat Prophets’ Super Prophets launched in the last quarter.
Funds Under Administration (FUA) grew to $3,094m at the end of September despite the 8% market decline in the quarter. Net inflows (being applications less redemptions) of $94m for the quarter were in line with the previous quarter, offsetting $63m of negative market movements.
Further enquiries:
Ash Fenton
Chief Financial Officer &
Company Secretary
+61 2 8823 2550