Australia fund services provider OneVue has agreed to acquire KPMG Superannuation Services, the super member administration arm of professional services firm KPMG that manages around $2bn in assets.

The acquired entity was founded in 1989 and currently services over 40,000 members. The business has 47 employees.

OneVue will initially pay $6.5m in cash as deal consideration, with further contigent payments of $5.5m in FY2019 and another $5.5m in FY2020.

The deal, expected to be wrapped up in April 2018, will increase  OneVue’s funds under administration to $4bn.

OneVue group CEO Connie Mckeage said: “This acquisition increases OneVue’s current superannuation member capabilities by adding KPMG’s deep technical expertise in managing complex superannuation funds. The combination of OneVue’s superannuation business and KPMG’s high quality business and experience across defined benefits funds in particular should also open up new opportunities for us in the market.”

However, KPMG will continue to operate its superannuation advisory arm.

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