KPMG Australia has entered into a transaction to sell its Superannuation Services Business to OneVue.
The two companies confirmed the transaction today meaning that OneVue will be taking control of what represents the fourth-largest external fund administrator in Australia with almost $2 billion in funds under management.
Confirming the sale transaction, KPMG Australia chief executive, Gary WIngrove said that changing market dynamics had made the superannuation services business more suited for growth with a dedicated, specialist superannuation business.
“I am pleased to confirm that KPMG Superannuation Services staff members have been offered roles to continue their careers with OneVue,” he said.
The KPMG Superannuation Services team comprises of 47 specialists.
The sale is expected to be completed by April.
Mr Wingrove also separately confirmed that KPMG Australia will continue to grow its market leading Superannuation Advisory business.