KPMG Australia has agreed to sell KPMG Superannuation Services Pty Ltd (KPMG Superannuation Services), which operates the firm’s superannuation fund administration business, to ASX-listed OneVue (ASX: OVH).
Created in 1989 for a major superannuation client, KPMG Superannuation Services was opened up to other funds as it became clear there was a gap in the market for the delivery of bespoke superannuation services – particularly more complex and sophisticated personalised fund administration.
Today, KPMG Superannuation Services is the fourth largest external fund administrator in Australia, with almost $2 billion in funds under management. It services over 40,000 members across financial institutions and superannuation funds, including KPMG Australia’s partners and staff.
“KPMG Superannuation Services is a growing, profitable business in its own right, and one of the few remaining niche providers in a consolidating market. 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. I am pleased to confirm that KPMG Superannuation Services staff members have been offered roles to continue their careers with OneVue,” said Gary Wingrove, CEO of KPMG Australia.
KPMG Superannuation Services’ experienced team of 47 specialists have diverse streams of expertise spanning defined benefit plans, defined contribution, hybrids, multi-employer and single-employer funds.
The sale is expected to complete by April.
Mr Wingrove also separately confirmed that KPMG Australia will continue to grow its market-leading Superannuation Advisory business.
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