KPMG has reportedly signed a conditional agreement to sell its pensions arm to Newco, in a management buyout deal back by private equity firm Exponent and 20 KPMG pension partners.
The figure for the deal has not been announced, but it will see all 500 staff and partners transfer to the new business, which according to City AM will be named Isio.
The current head of UK pensions at KPMG, Andrew Coles, will become the new chief executive.
The reports come after KPMG began to consider the sale of the pensions arm in June this year after receiving a number of approaches.
At the time KPMG said: “Following significant interest in our market-leading pensions practice, we can confirm we have entered into exclusive talks with Exponent with a view to progressing a sale. We will not comment further while negotiations remain ongoing.”
Accountancy Today has contacted KPMG for comment.