The freshly branded Scyne Advisory has a big and risky $100 million plan to reshape the industry by creating a huge advisory outfit for public sector clients.
Private equity investor Allegro Funds has bought PwC’s government consulting arm for $1 and will invest $100 million in the newly renamed Scyne Advisory. The move is part of a risky and ambitious plan to reshape the industry by creating a huge advisory outfit that consults only to public sector clients.James Brickwood
“It’s clear there is a need for a strong and independent government advisory firm of scale in the Australian market,” Allegro co-founder Adrian Loader said in a statement. “Scyne Advisory will have an industry-leading governance model able to meet the requirements of the Australian government and its agencies.”
She said the firms were aiming to finish the transition period by the end of August. The deal comes a day after PwC took the unprecedented step of forcing out, and naming,The new company has been designed to appease concerns about PwC’s ongoing tax crisis and the inherent conflict of interest in big consulting firms, including Deloitte, EY, KPMG and McKinsey, providing advice to public sector and private clients.
– in part to save the jobs of roughly 1750 PwC consultants who had been left with little work to do after the Commonwealth ban. In a joint statement, Mr Jackson, PwC’s former global government and public services advisory leader, and Mr Neal, PwC’s former defence leader, said the main priority of the interim leadership was to win back the trust of the Albanese government and Commonwealth officials.
Allegro has committed to adopting any recommendations made by PwC’s internal review of its operations by Ziggy Switkowski when they are announced in September, and has a governance structure that it says meets public sector expectations.This includes having a specific committee, led by former Justice Greenwood, tasked with approval and authority on matters relating to the probity of employees joining Scyne, as well as future conflict and code of conduct matters.
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