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Novigi to close QMV Legal brand

Mike Taylor28 March 2024
Senior Quantitative hire appointment NTAM

Experienced superannuation lawyer, Jonathan Steffanoni is to set up a new law firm, Legal and Prudential Advisors, following the decision by Novigi to close the firm he founded, QMV Legal.

Novigi, which acquired 100% of the QMV Solutions business in early February, has announced that it will be closing the QMV Legal brand on the basis that it does not represent a fit with the Novigi business.

QMV Legal will be closed on April 26.

Commenting on the move, Novigi chief executive, Ash Priest said QMV Legal had made a significant impact but a law offering was not a natural fit or aligned to Novigi’s role as the data and technology partner to the superannuation and wealth sector in Australia.

“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,” he 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. We will engage Jonathan’s new firm on a strategic retainer to support our team and clients in the regulatory and legal domains,” Priest said.

For his part, Steffanoni said both he and Novigi viewed the separation of the legal and technology businesses as the right path to offer the best future to clients.

“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.

“As we transition from QMV Legal to establish a new independent business structure, Legal and Prudential Advisors, we will remain focused on providing expert legal, risk, and compliance advice to trustees of APRA regulated superannuation funds,” Steffanoni concluded.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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