EQT Holdings, the parent of Equity Trustees, has agreed to snap up OneVue Holdings’ responsible entity (RE) business for $3.5m.
OneVue’s RE unit includes 27 managed investment schemes and has nearly $2.3bn of funds under supervision.
EQT already paid $250,000 for the deal, with the remaining consideration to be paid upon deal completion.
The deal, anticipated to be concluded in the first quarter of 2018, will be funded by existing liquidity and debt facilities.
EQT managing director Mick O’Brien said: “The acquisition and partnership with OneVue allow both groups 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.”
The two companies have also signed an agreement, under which Equity Trustees will outsource the administration of its managed funds to OneVue.
OneVue CFO Ashley Fenton added: “The RE clients have been an important part of the OneVue journey. As the company has grown, it has become clearer where we have created a sustainable market advantage and also where our clients may be better serviced elsewhere in the longer term.”