DIRS.INFO The most relevant business & tech news

PwC sign is seen in the lobby of their offices in Barangaroo, Australia June 22, 2023. REUTERS/Lewis Jackson Acquire Licensing RightsSYDNEY, Oct 26 (Reuters) - PwC Australia said on Thursday that dozens of staff who had been set to move across to spin-off consultancy Scyne Advisory will no longer have roles at the new firm and have been told to look for jobs internally. Over 1,500 people out of PwC Australia's more than 9,000 staff were expected to move to the new firm, PwC said in September. A Scyne Advisory spokesperson said a delay in closing the deal, originally planned for September, changes to its "partner mix" and the need to establish Scyne as a "sustainable business" were factors in the decision. The move comes as Scyne Advisory gears up to reclaim advisory work that netted PwC Australia A$680 million ($427 million) last financial year.

Persons: Lewis Jackson, PwC, Kevin Burrowes, Lincoln, Edwina Gibbs Organizations: REUTERS, Rights, Scyne, PwC, PwC Australia, of Finance, Thomson Locations: Barangaroo, Australia, PwC Australia, PwC

☆ Allegro says independent board to oversee PwC Australia's government business
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, July 4 (Reuters) - Australian investment firm Allegro Funds said on Tuesday it would set up an independent board to oversee PwC Australia's government practice business, which it bought last month, and committed A$100 million ($67 million) for transition costs. PwC Australia on June 25 entered an exclusivity agreement with Allegro to sell its government practice for A$1 as it battles to contain a fallout from a scandal over the leak of confidential government tax documents. Allegro said it had reached a binding term sheet on the sale, with the new business to be called Scyne Advisory and fully independent of PwC. PwC Australia said on Monday that it fired eight partners as part of an internal investigation into the leak. Former CEO Tom Seymour and the other seven partners named by PwC did not respond to requests for comment.

Persons: Allegro, Tom Seymour, PwC, Renju Jose, Matthew Lewis Organizations: SYDNEY, Allegro, Advisory, Federal, of, Scyne Advisory, PwC, Thomson Locations: Australia, of Australia, PwC Australia, Sydney

SYDNEY, June 26 (Reuters) - PricewaterhouseCoopers Australia staff who are found to have acted improperly in a scandal over the leaking of government tax plans will face "severe" consequences, acting chief executive Kristin Stubbins told a state parliament inquiry on Monday. "We have failed the standards we set for ourselves as an organisation, and I apologise on behalf of our firm," Stubbins said. The firm has already placed nine partners on leave and named four former partners directly involved in the breach who have since left the firm. The move will cut PwC Australia off from the "vast majority" of public sector consulting work, although some external audit work for government clients may stay, said Stubbins. She will remain in the role until Kevin Burrowes, currently Global Clients & Industries lead based in Singapore, relocates to Australia for the job.

Persons: Kristin Stubbins, Stubbins, David Seymour, Kevin Burrowes, Lewis Jackson, Diane Craft, Sonali Paul Organizations: SYDNEY, PricewaterhouseCoopers Australia, Allegro Funds, Global, Industries, Thomson Locations: Australia, New South Wales, ringfence, PwC Australia, Singapore

☆ Why PwC is selling part of its business in Australia for less than $1
▼ + stars: | 2023-06-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

CNN —PwC, one of the world’s big four consulting firms, is selling its government advisory business in Australia for just cents after a scandal left its reputation there in shreds. As a result, PwC will sell its government consultancy practice in Australia to Allegro Funds, a private equity firm, for just 1 Australian dollar ($0.7), PwC said in a statement. The business accounts for about 20% of the firm’s revenue in the country. PwC Australia has taken steps to try to regain trust. The firm also ordered nine partners to go on leave as it carried out an investigation “into who may have shared or misused confidential information,” acting CEO Kristin Stubbins said in an open letter in May.

Persons: CNN —, PwC, Peter Collins, Tom Seymour, Kristin Stubbins, Stubbins, Collins, ”, “ Organizations: CNN, Allegro Funds, Australian Treasury, Australian Senate, Police, PwC, Mr Locations: Australia, PwC, PwC Australia

SYDNEY, June 25 (Reuters) - PwC Australia on Sunday entered an exclusivity agreement with private equity firm Allegro Funds to sell its government practice for A$1 as it brought in an executive from Singapore to lead its local firm through the fallout from a national scandal. Amid a growing backlash from key government clients, PwC said it had entered an exclusivity agreement to divest its federal and state government business to Allegro Funds for A$1 ($0.67) as first reported on Friday. A spokesperson for Allegro Funds declined to comment. NEW CHIEF EXECUTIVEGlobal PwC Chair Bob Moritz publicly apologised in a statement and said PwC Australia had failed to meet the firm's standards and values under past leadership. "PwC Australia has significant work to do and I am confident that the steps they are taking ... will result in a stronger firm," Moritz said.

Persons: PwC, Justin Carroll, Deborah O'Neill, Bob Moritz, Kevin Burrowes, Kristin Stubbins, Burrowes, Moritz, Lewis Jackson, Sam McKeith, Christopher Cushing, Tom Hogue Organizations: SYDNEY, Sunday, Funds, Allegro Funds, PwC, Labor, Global, & Industries, Thomson Locations: Australia, Singapore, Sydney

[1/2] PwC sign is seen in the lobby of their offices in Barangaroo, Australia June 22, 2023. PwC Australia made A$3 billion ($2.01 billion) in revenue last financial year. Allegro Funds describes itself as a restructuring specialist with over A$4 billion ($2.68 billion) under management. Acting PwC Australia chief executive Kristin Stubbins said last month the firm would "ringfence" its government consulting business and appoint a separate board to consider "strategic options for the business". In a sign the scandal is beginning to impact PwC's private sector work, four major pension funds managing roughly A$750 billion froze work with the firm this month.

Persons: Lewis Jackson SYDNEY, PwC, Kristin Stubbins, Lewis Jackson, Lincoln, Simon Cameron, Moore Organizations: REUTERS, PricewaterhouseCoopers Australia, Allegro, Reserve Bank of Australia, Australian Financial, Funds, PwC Australia, Thomson Locations: Barangaroo, Australia

Search resuls for: "Allegro Funds"

6 mentions found