The acquisition, priced at $3.5 million, will see Equity Trustees assume responsibility for OneVue’s 27 managed investment schemes and around $2.3 billion funds under supervision, with completion occurring in the first quarter of next year.
Commenting on the acquisition, EQT chairman Tony Killen said it was another step forward in Equity Trustees’ strategy to be a provider of responsible entity and fiduciary services.
“The industry trend is towards independence and, as a standalone provider of specialist RE services, Equity Trustees is a logical owner of the business,” Mr Killen said.
According to a spokesperson for EQT, Equity Trustees and OneVue “had also entered a longer-term partnership … involving an agreement to outsource the administration of the Equity Trustees managed funds to OneVue”.
“Equity Trustees and OneVue already partner with each other to service the large number of RE clients who also use OneVue’s managed fund administration services,” the spokesperson said.
EQT managing director Mick O’Brien said both the acquisition and the partnership allowed the two firms to “play to their strengths, for the ultimate benefit of clients and shareholders”.
“It is because Equity Trustees is a specialist provider of fiduciary services that we can form strong partnerships with capable industry participants that benefit all parties,” he said.