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QMV Legal to close post-Novigi acquisition
Specialist superannuation law advisory practice QMV Legal is to be formally closed in April 2024.
The decision followed the acquisition of QMV Solutions by Novigi in February, with the transaction described as an “amalgamation of two closely aligned businesses with complementary strengths and deep experience in the superannuation, wealth management, and related technology segments in Australia.”
According to Novigi chief executive Ash Priest, while QMV Legal has made a substantial impact in the superannuation space, a law offering is “not a natural fit” to the firm’s role as a data and technology business.
“After careful review and in collaboration with the QMV Legal senior team, we have mutually agreed that the best option is to close QMV Legal,” Priest said.
“Novigi will continue to collaborate very actively with the outgoing QMV Legal team, and we welcome the news that managing partner Jonathan Steffanoni will bring a new superannuation law brand and offering to market.”
He added that Novigi will engage Steffanoni’s new firm on a strategic retainer to support the team and clients in the regulatory and legal domains.
Steffanoni, who has been managing director at QMV Legal since late 2021, agreed that the separation of the legal and technology businesses would be the “right path” ahead for the practice’s clients.
“Novigi and I both view the separation of legal and technology businesses as the right path to offer the best future for our clients, allowing both organisations to focus on different core areas of expertise,” he said.
“QMV Legal was established in 2019 to provide legal advice from a perspective that is closely placed to the business operations of superannuation trustees. We are grateful to have advised clients on a broad range of matters, including successor fund transfers, regulatory change and investigations, and material service provider contracts.”
Looking ahead towards establishing a new independent business structure Legal and Prudential Advisors, Steffanoni said they would remain focused on providing expert legal, risk, and compliance advice to trustees of APRA-regulated superannuation funds.
QMV Legal will be formally closed on 26 April 2024.
Novigi consists of a team of over 170 staff working with more than 45 clients. Among the firm’s partners are Mercer, Rest, HESTA, Vanguard Super, and Grow Inc.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
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