OneVue Limited's CEO Connie Mckeage confirmed that OneVue had reached agreement with the Hong Kong based WealthCraft to acquire 50% of WealthCraft Systems Limited, the operating subsidiary of WealthCraft Systems Inc (WCSY.PK).
The two organisations worked together on the WealthCraft Pension Administration Service (PAS) which was launched at the SIBOS conference in Hong Kong last night as the first fully automated, SWIFT-enabled pension administration system in the world.
"We have been working with the WealthCraft Team closely over the last 6 months so we know that we are culturally compatible and the products work seamlessly together. Formalising the relationship via an acquisition seemed like a natural evolution," said McKeage.
WealthCraft CEO Kelly J. Tallas continued, "It is one of those unique situations where WealthCraft's CRM and financial planning tools and SWIFTNet solutions and OneVue's platform work perfectly together. WealthCraft has pioneered the advice driven business model in the Asia-Pacific region providing multi-currency and multi-language tools to give our clients a competitive edge. With OneVue's unit registry solution and unified managed account sitting between the CRM system and SWIFT enabled messages we have set a new standard of lower cost, open architecture and straight through processing solutions in the AsiaPacific region."
McKeage added, "Importantly WealthCraft Systems also owns 100% of WealthCraft Shenzhen. We will be working closely with the Chinese office to deliver more cost effective services to our Australian clients. No matter how we have grown in the last 18 months, the reality is that we would not have a business had our first clients, AVIVA, ING, Challenger and Australian Unity not continued to support us. We will be working even more closely with our Australian supporters to try and gain a competitive edge for them in this market."
"Kelly Tallas and I are both extremely excited about what we can deliver to AsiaPacific clients in the next 12 months as we leverage the innovation that is embedded in both our businesses."