KPMG sells restructuring practice to Teneo, Berry new CEO
KPMG in Bermuda has sold its restructuring practice to Teneo, the New York-headquartered global CEO advisory firm.
As part of the transaction, Mike Morrison and Charles Thresh will be leaving the firm to join Teneo, along with the restructuring team, KPMG said.
Mr Morrison, who joins Teneo as co-chair, international financial centres, is the former CEO of KPMG in Bermuda.
James Berry becomes KPMG in Bermuda’s CEO, effective immediately, the organisation said.
Mr Thresh, former head of advisory for KPMG in Bermuda, joins Teneo as head of financial advisory, Bermuda.
The organisation said the sale is specific to KPMG in Bermuda and does not affect the KPMG insolvency and restructuring businesses in other KPMG jurisdictions.
In an update to the market, the company said: “The restructuring marketplace is evolving globally with a number of transactions occurring in the past year where teams from the Big 4 have joined independent advisory businesses.
“As a result, we decided to proactively explore strategic options for our restructuring practice in Bermuda, with a focus on our clients and our restructuring team, who work closely with our regional colleagues.
“We coordinated with our colleagues in Cayman and the British Virgin Islands, who completed the sale of their restructuring business to Teneo earlier this year. Our transaction is a fantastic outcome for KPMG, Teneo, our restructuring team and their clients.”
Mr Morrison said: “I have been with KPMG in Bermuda for 24 years and a part of the leadership team for the past 11 as head of advisory and head of insurance, and as the CEO since 2017.
“It has been a privilege for me to hold these leadership roles and develop my career with the firm. Together with Charles, we have been responsible for growing our advisory practice to be the largest in Bermuda”.
Mr Berry has been with KPMG for more than 20 years and in Bermuda for 17 years.
As the head of audit for the last six years, KPMG said, he has been a key part of the firm’s executive committee and a member of the broader leadership team since becoming a managing director in 2011.
Mr Berry said: “It is an exciting time for KPMG in Bermuda as we address new challenges and opportunities.
“I am looking forward to taking the helm and guiding the firm as we deepen our investments in key priorities, including climate risk and the broader ESG agenda.”
Other leadership changes include Gary Pickering as the new head of audit and Mark Allitt as the new head of advisory.
Mr Pickering has been with KPMG for more than 30 years and joined KPMG in Bermuda in 2019. In his role as head of audit, he will lead the firm’s focus on audit quality, overseeing a team of almost 100 professionals to deliver high quality audits within a strong system of quality control, the organisation said.
Mr Allitt joined the advisory practice of KPMG in Bermuda in 2009. In his role as head of advisory in Bermuda, the organisation said, Mr Allitt will lead a team of professionals across deal advisory, risk consulting, internal audit, actuarial and management consulting.
The company said: “Gary and Mark are experienced leaders with deep knowledge of the market and our business. Their appointments, along with Will McCallum continuing as head of tax, mean the firm has incredibly strong leadership across all our service lines, supported by tremendous talent across the firm, as we continue to deliver exceptional quality to our clients.”
Teneo said the transaction further extends the range of market-leading services provided by its global financial advisory business.
The 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."
Mr Morrison added: "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 has more than 1,350 employees located in over 39 offices around the world.