KPMG appoints wealth management strategy lead

A former head of group strategy and planning at AustralianSuper is the latest addition to the KPMG asset and wealth management strategy team.

Rohit Mendiratta, who led the development of a five-year strategy and strategic blueprint for the $120 billion fund, has been appointed to head up the KPMG team and develop its presence in the wealth sector.

He joins with more than 15 years of diverse experience in capital planning and leading large scale complex transformation programs across the financial services and technology, media and telecom sectors including positions at Telstra, Westpac and RMIT.

KPMG head of asset and wealth management Paul Howes welcomed Mendiratta to the firm.

"He will play a crucial role in helping us leverage new services into this growing market and deliver deeper value to our clients," Howes said.

In a statement Mendiratta confirmed his adherence to three key principles that he believes organisations must adopt in fast-changing environments: "A relentless obsession for the customer; openness to 'new ways' of doing business across people, process and technology; and speed to market and decision making."

KPMG has also entered into an agreement to use Class Super for its SMSF administration software and Class Portfolio in its business advisory group.

The news comes after Class chief executive Kevin Bungard flagged AMP's plans to migrate off the platform at the group's annual general meeting in October.

While no timeframe has been specified, Bungard said this was because of AMP's SuperConcepts business, which functions as a "competitive software solution." He added that AMP represents about 6% of Class' recurring revenue.

Nonetheless, he continued, Class has maintained a high client retention rate - about 99.5% as at September 2017. Bungard said this "underpins significant recurring revenue for the business."

In July, Class' SMSF market share grew to 24% from 19% year-on-year, hitting a record high of 140,000 client accounts in the 12 months to June.

Read more: KPMGAustralianSuperSMSFClass PortfolioClass SuperKevin BungardPaul HowesRMITRohit MendirattaSuperConceptsTelstraWestpac
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