The competition regulator has waved through AUB Group’s move to acquire a majority stake in discretionary mutual fund specialist KJ Risk Group.

AUB’s Austbrokers said in an application it would buy a 43% interest, adding to a 49% stake held by the group.

The balance of KJ Risk will be retained by previous majority shareholder Niven Industries.

The Australian Competition and Consumer Commission says the transaction is unlikely to materially reduce competition and it has granted a “notification waiver determination” under regulatory arrangements introduced this year.

The regime requires businesses to notify the commission of deals that meet certain thresholds, while including a simpler and less costly waiver pathway where there is unlikely to be an issue.

Sydney-based KJ Risk specialises in mutuals, corporate broking, workers’ compensation consulting and broking for private clients with high-value assets.