OneVue Holdings has agreed to acquire Select Asset Management, which trades as Select Fund Services and Select Investment Partners.
The acquisition will boost OneVue’s retail funds under management and administration (FUMA) from $1,940 million to $2,609 million.
In addition, the deal will increase OneVue’s total funds under supervision (FUS) from RE and trustee services from $711m to $1,614m as at June 2014.
As part of the deal, Brendan Foley, chairman and CEO of Select, will be named as Deputy CEO of OneVue and two other Select directors will be appointed to the executive team.
Furthermore, the acquisition will see Select employees joining OneVue at their Sydney office.
The transaction, which will be accretive on an EBITDA per share basis in FY2015, is expected to complete on 28 August 2014.
The acquisition comprises a cash consideration for of $2.7 and $4.3 million in OneVue scrip.
Brendan Foley, Chairman and CEO of Select, said: "By merging the businesses, the current value propositions for our respective clients will be enhanced."
Connie Mckeage, CEO of OneVue, said: "The acquisition follows OneVue’s stated objective to grow the company organically and acquisitively and is strategically important in delivering value added services to both OneVue’s Fund Services and Platform Services’ clients."