KPMG sells super admin business
After 29 years of operation, KPMG has offloaded its superannuation fund administration business.
KPMG Australia is set to sell KPMG Superannuation Services to ASX-listed business OneVue. The sale was announced this morning, and 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.
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.