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KPMG has decided to merge its firms in the Channel Islands and Isle of Man to a single practice operating across the Crown Dependencies.
The combined business of 430 people forms a part of the KPMG Islands Group, made up of International Financial Centres and Overseas Territories spanning a sub-region extending from Malta to the Caribbean.
Guernsey-based Neale Jehan, who will be the inaugural Senior Partner of the new practice, said of the merger: “…It made sense to align ourselves so that we can leverage a larger pool of staff and specialists to meet our clients’ expectations, and invest together in driving growth and operational efficiency.
‘The new practice is wholly owned by its local partners who will continue to make decisions quickly that are right for our jurisdictions. As the world works closer virtually cross-border, the historic boundaries of how we deliver our services are being lost and we are stronger and more flexible together. We are nevertheless proud of our local roots and will continue to be active in our communities supporting causes that are meaningful to our partners and staff.”
Isle of Man-based Russell Kelly, who will be the Head of Advisory and who leads the Isle of Man office, commented that the move will “allow us to further enhance our seamless delivery to clients across the Crown Dependencies with the largest Crown Dependency based advisory and taxation business providing access to deeper advisory and taxation specialisms based in our islands.”
“Having a larger, single tax and advisory business is a cornerstone of our strategy as the UK profession move towards a future of increased audit operational separation,” he added.
The businesses have worked more closely together over the last three months and legally formalised the merger to take effect from 1 January 2021.
Carey Olsen advised on the merger, with its Jersey lawyers acting as lead counsel to KPMG on the transaction, working alongside Cains who advised on the Isle of Man legal aspects.
Pictured: Carey Olsen Corporate Partner David Taylor, who led the team that advised KPMG on the transaction.
The team was led by Jersey Corporate Partner David Taylor, who said: “We are very pleased to have assisted KPMG with this complex and exciting transaction. We wish the new joint Crown Dependencies team all the best with the next stage of development and growth.”
Jersey counsel Huw Thomas provided specialist employment and related advice, and corporate associate Stephen Le Cornu also assisted on all aspects.
Pictured top: KPMG's Neale Jehan and Russell Kelly.
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