The big four firm will sell KPMG Superannuation Services to ASX-listed business OneVue. The transaction is expected to be completed by April.
“While it has historically formed part of the broader Australian KPMG network, changing market dynamics make it more suited for growth with a dedicated, specialist superannuation business,” said KPMG chief executive Gary Wingrove.
KPMG Superannuation Services has about $2 billion in funds under management, and largely services financial institutions and APRA-regulated superannuation funds.
Mr Wingrove said KPMG staff have been offered positions at OneVue, which services SMSFs and APRA funds through administration and platform-based services.
OneVue chief executive Connie Mckeage effectively confirmed KPMG staff have been offered positions at OneVue also, saying the business intends to leverage the experience of the KPMG Superannuation Services team.
“This acquisition increases OneVue’s current superannuation member capabilities by adding KPMG’s deep technical expertise in managing complex superannuation funds,” she said.
KPMG Superannuation Services was launched in 1989, and is a separate service offering to the big four firm’s superannuation advisory business.
More to come.