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.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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