Financial consultancy firm Lane Clarke and Peacock (LCP) is plotting a £200m bid for ‘Big Four’ accountancy firm KPMG’s pension advisory arm.
According to Sky News, LCP is one of a small number of bidders through to a proposed second round auction for the pension advisory business. Reports suggest the other remaining business through to the auction include a number of trade and financial services firms.
The reports come after KPMG began to consider the sale of the pensions arm in June this year after receiving a number of approaches. KPMG’s pension division currently has around £50bn under advice advising corporate clients and companies’ pension trustees, with 20 partners at the business.
KPMG declined to comment on the reports.