KPMG sells its restructuring business
Mike Morrison and Charles Thresh have joined Teneo following the global CEO advisory firm’s acquisition of KPMG's restructuring business in Bermuda.
Morrison, who joins as co-chair, international financial centres, is the former CEO of KPMG in Bermuda.
The move by Morrison was part of the transaction, Teneo said.
Teneo said that Morrison had almost 25 years of experience in Bermuda and brought a wealth of client relationships and experience to expand its presence in the market.
Thresh, former head of advisory for KPMG in Bermuda, joins Teneo as head of financial advisory, Bermuda.
The company said the transaction extended the range of market-leading services provided by Teneo's global financial advisory business.
That business now includes more than 350 professionals, delivering full-service solutions for cross-border restructuring and insolvency assignments in key markets around the world, the company said.
Daniel Butters, CEO of Teneo's financial advisory business, said: "We are delighted to welcome our new colleagues from KPMG in Bermuda as we continue to build our global financial advisory capabilities.
“Combined with our recent acquisitions in the Cayman Islands and British Virgin Islands, we offer our clients in-depth financial services insight, technical expertise and bench strength in a critical jurisdiction for many international restructuring and insolvency assignments."
Morrison said: "I am thrilled to co-lead Teneo's team in the region.
“Teneo continues to demonstrate its ambition and commitment to build a world-class financial advisory business that draws upon the breadth of the firm's broader capabilities in major markets around the world.
“Teneo provides our team with the unique opportunity to serve clients at the highest level, while also providing opportunities to grow the business and attract top talent in the region."
Teneo, which is headquartered in New York City, has more than 1,350 employees in more than 39 offices around the world.