Scyne targets 1500 more PwC staff after nabbing 117 partners
The 117 PwC partners who will join spin-off Scyne Advisory will get a similar income as before, but be paid like executives in a corporation via base pay, equity and potential bonuses rather than a share of profits per year.
The start-up is also making formal offers to about 1500 PwC staff, as its leaders visit state and federal officials to spruik the organisation’s ASX-level governance model.
Scyne Advisory acting managing partner Richard Gwilym. Louis Trerise
The partners coming from PwC have passed a vetting process led by former federal court judge Andrew Greenwood to ensure they are not linked to the firm’s tax leaks scandal or any other ethical issues associated with the big four firm.
“We’ve got 117 partners… that have committed to come across and our staff offers went out on Friday,” said Scyne Advisory acting managing partner Richard Gwilym. “Our team members [are] working hard on getting a very talented team across into the new business.”
PwC sold its public sector consulting arm to private equity investor Allegro Funds at the start of last month for $1, after the big four firm was effectively cut off from winning new federal government work when the extent of its tax leaks scandal became public in May.
Allegro has committed to investing about $100 million in Scyne to cover set-up and salary costs, with the deal set to be formally signed and completed at the end of next month.
The risky and ambitious plan is to reshape the industry by creating a huge advisory outfit that consults only to public sector clients. Scyne will provide government, health, infrastructure, defence and risk advisory consulting services to federal and state governments and public sector bodies.
The organisation is still searching for a
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