Iress incentivised to drive OneVue post-sale FUA

Platform provider Praemium Limited yesterday completed its acquisition of the OneVue Platform Business from Iress for $1 million.

In announcing completion of the transaction to the Australian Securities Exchange (ASX) Praemium pointed out that the OneVue business currently had funds under administration of (FUA) of $4.1 billion.

It also reaffirmed that while it had paid just $1 million to Iress for the business an earn-out of up to an additional $20 million is possible based on growth in FUA measured over an 18-mnth period.

“The earn-out consideration is calculated between $3 billion and $6 billion in FUA on a straight-line basis,” the ASX announcement said.

It said that should the OneVue Platform’s current FUA of $4.1 billion be maintained, additional considerable payable would be $7.2 million.