As the OneVue Responsible Entity (“RE”) acquisition and client integration comes to an end, Alex Wise gives us his thoughts on the integration process to date and why these clients are in good hands.
Alex previously worked for the OneVue Group and joined Equity Trustees as a short-term consultant as part of the OneVue RE acquisition.
“The transition to Equity Trustees for former OneVue RE clients has been a relatively long journey since the transaction was announced in October 2017 and finalised in April 2018.
“Prior to the transaction being finalised, it was important for Equity Trustees and its future clients to meet each other. Equity Trustees relationship managers alongside myself (at OneVue at the time) travelled the country from Western Australia to Queensland to meet with each client individually. Clients were initially curious on the background to the deal but quickly they saw the scale benefits of having a larger and more experienced RE that was focused on its fiduciary responsibilities.
“The run-up to the transition was gruelling for both sides with people juggling daily tasks with the rigours of a significant M&A transaction. That said, the deal was done on schedule and clients quickly fell into step with Equity Trustees’ rhythm. In my view the Equity Trustees team has dealt admirably with the increased workload. So far we have had clients launching new classes, service provider transition planning, potential roll-ups to other funds, liquidation and closure of a couple of funds. Alongside this, clients are transitioning to the “fall-out fee” method and preparing for the end of financial year.
“Longer-term the clients will continue to evolve alongside Equity Trustees, as both parties seek to grow their international presence and range of global services. Whilst hurdles such as balance sheet recs at OneVue have slowed some clients, the longer-term trajectory is good with new fund launches on the cards for some and the transition of wholesale to retail schemes possible for others. Personally I have no doubt the skilled Equity Trustees team will handle the next hurdles admirably and that the rationale for the deal will be borne out as clients leverage Equity Trustees’ scale and expanding global presence for long-term positive business outcomes whilst fund investors benefit from over a century of fiduciary expertise.”