Hostplus readies to onboard KPMG staff fund

Nabbing KPMG’s former head of super appears to have paid off for Hostplus, as it seems to have beaten the competition to become the default fund for KPMG staff.

Months after joining Hostplus, and a year after KPMG kicked off a tender process to find a new default fund, Sean Hill’s former employer has settled on Hostplus for its staff, sources told The Australian. Photo: iStock

Hostplus’s move to nab KPMG’s former head of superannuation appears to have paid off as financial services industry talk points to the industry fund beating out the competition to become the default fund for KPMG staff.

Hostplus’ new chief financial officer, Sean Hill, joined the fund in February this year, making the move from PwC. But before his five-year stint at the scandal-hit consultancy, Mr Hill built a career over three decades at KPMG, culminating in his role as the national leader for superannuation, where he worked alongside former union heavyweight Paul Howes.

Months after joining Hostplus, and a year after KPMG kicked off a tender process to find a new default fund, Mr Hill’s former employer has settled on Hostplus for its staff, sources told The Australian.

KPMG’s impending move to the $110bn industry fund, whose investment team is led by diehard divestment critic Sam Sicilia, is a sharp change from its current fund smartMonday, a sub-brand of climate-focused Future Super which makes a point of excluding coal, oil and gas assets from its investment universe.

Simon Sheikh’s Future Group acquired smartMonday in 2022 from global insurer Aon as part of a $43m deal and began progressively shifting its investments to be more in line with the wider group’s ethos. The group also picked up a handful of other corporate super plans as part of the deal including MinterEllison, Allianz Australia and Singapore Airlines funds. A little over two years later and KPMG went looking for the exit.

The consultancy is also not the only one moving on from the climate-focused group.

A Future Group spokesperson said the firm had been “working with a small number of clients … to look at other service providers more in line with their needs”.

“KPMG was one such client and we have been working with them for quite some time on ensuring an orderly and positive transition to another fund. We thank KPMG for their assistance with this process and look forward to continuing a close relationship between the two organisations,” the spokesperson said.

KPMG denied a decision had been made on its default fund change, with a spokesperson telling The Australian the process was ongoing. Hostplus declined to comment.

Originally published as Hostplus readies to onboard KPMG staff fund