KPMG Australia has sold its superannuation fund administration business to OneVue in a transaction that is expected to complete by April.
KPMG has decided to exit the super fund administration business, announcing a deal this morning to sell its $2-billion funds under management KPMG Superannuation Services division to OneVue.
“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 been in operation for 29 years and largely services financial institutions and superannuation funds regulated by the Australian Prudential Regulation Authority (APRA).
Mr Wingrove said KPMG staff have been offered positions at OneVue, which services self managed super funds and APRA funds through administration and platform-based services.
KPMG Superannuation Services was launched in 1989, and is a separate service catering to the big four firm’s superannuation advisory businesses.
KPMG will retain its superannuation advisory business.
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