KPMG has spun off its pensions advisory practice, which is now being launched as an independent consultancy, known as Isio.
The division was bought out by Isio partners with backing from Exponent Private Equity. Isio’s senior leadership is comprised of 20 partners, who formerly led the pension practice at KPMG. Moving with them are 500 staff located across eight regional hubs.
Andrew Coles (pictured above) has been appointed as chief executive of Isio, with Roger Siddle, an experienced private equity portfolio chairman with a background in professional services leadership, being appointed chairman of the new company.
As a company Isio already manages pension assets worth over £90bn, and already offers advice to more than 1,000 businesses, which range in size from SMEs to FTSE100 companies.
Isio says this new company is able to combine actuarial expertise, third party administration, investment consulting and defined contribution specialisms to deliver better outcomes for pension scheme sponsors, trustees and members.
Coles says: “As an independent practice we can predict and respond to client opportunities and challenges with greater agility. Backed by proprietary technology, our team brings deep technical expertise, and an entrepreneurial culture.
“The industry is at a turning point and our belief is that pensions advice needs to adapt to the new world, with technology playing a key part in improving the member experience, the quality of data and the modelling of pension outcomes. With Exponent’s partnership, we will take Isio to the next level of growth and success.”
Exponent partner Tim Easingwood adds: “We are excited by the opportunity presented by Isio as it launches as an independent pensions and investment consultancy.
“We look forward to working with this highly experienced and respected team, who have a reputation for delivering differentiated, outcome-focused advice, in continuing to grow and develop Isio over the coming years.”
KPMG chairman Bill Michael adds: “We have been proud to have had such a strong pensions business here in the UK, but we recognise that Exponent are now the right partners to support Isio’s long-term growth strategy.
“The transaction will allow us to continue our programme of investment in the core audit, tax, deals and consulting services offered to our clients.”
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