KPMG has signed a conditional agreement to sell its UK pensions practice to NewCo, which is backed by private equity firm Exponent and KPMG UK’s current pensions partners.
Once completed, the sale will see all 20 partners and circa 500 staff currently employed in KPMG’s UK pensions practice transfer to the NewCo.
Andrew Coles, currently UK head of pensions at KPMG, will be NewCo’s chief executive officer.
The company will announce further details upon completion.
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