OneVue taps PwC and Seaview Consulting for Madison work

Fund manager and investment services provider OneVue is working with consultants from PwC and Seaview Consulting in its bid to sell Madison Financial Group, a Sydney-based financial and wealth advisor to some 15,000 clients. 

Madison Financial Group became part of OneVue earlier this month as part of the Sargon saga. The financial advisory business was bought by Sargon – a provider of financial technology to the pensions and investment industries – in 2018 for $45 million as part of its buy-and-build strategy.

However, last month, weeks before Madison Financial Group was set to rebrand as Sargon Adviser Services, Sargon fell into a financial crisis when a Chinese creditor (Taiping Trustees) appointed an administrator (McGrathNicol) for the Sargon holding company.

Following the sale of its trustee business Diversa to Sargon, OneVue is still awaiting several payments, and is according to reports attempting to recoup an outstanding amount of about $31 million. With the help of receivers from PwC, stock listed OneVue managed to secure a 100% interest in Madison Financial Group, a feat which it confirmed to the ASX on the 6th of February. 

While Madison Financial Group continues to operate on a business as usual basis, OneVue has put Madison Financial Group up for sale, in a move that it hopes will help recover a sizeable amount of the $31 million. Together with advisors from PwC, Sargon has appointed Bob Neill of Seaview Consulting – a Canterbury-based merger & acquisition consultancy – to look for potential buyers for the dealer group.

OneVue managing director Connie Mckeage said that the company is ensuring that the group and its 100 advisors are able to “continue to operate on a stable footing” without unnecessary distraction. “We are working closely with the Madison leadership team to provide them with the necessary support.” 

Earlier this month, OneVue sold a package of Sequoia shares which it also took control of earlier this month from Sargon. The share sale provided the company net proceeds of $4.36 million.