AUB Group has entered into a joint venture with accounting and tax services network group Kelly+Partners that will also involve future equity investments.

Austbrokers Kelly+Partners will use AUB’s ExpressCover platform to underpin a “significant proportion” of insurance-related activities.

The venture will provide general and life broking services to Kelly+Partners clients and members, delivery of accounting and tax services on the Austbrokers side and the development of insurance, tax and accounting advice for the strata industry.

AUB Group intends to reinvest 50% of the profits attributable to Austbrokers from the venture as equity into Kelly+Partners Group Holdings, which has also adopted an “owner-driver” model for the network business.

“Our partnership is a natural next step in the relationship between two organisations with a very similar DNA,” AUB CEO Mike Emmett said.

The venture is not expected to deliver any material uplift in underlying net profit this fiscal year for AUB, which has a network of 94 businesses servicing 700,000 clients.

Kelly Partners Group Holdings has a 51% interest in 21 operating businesses in NSW and Victoria and has about 8000 clients.