Reid, who at KPMG is used to grappling with a £1.4bn turnover, will take over from the current keeper of the privy purse, Sir Michael Peat, who is leaving Buckingham Palace to become Prince Charles’ private secretary.
Sir Michael, whose great grandfather was one of the founders of Peat Marwick, now KPMG, was also a partner at the firm before becoming the Queen’s full-time accountant, and can claim, among many successes, a £3m reduction of the household’s electricity bill.
The £300,000 a year job will require Reid, 55, to manage the ‘diverse’ financial affairs of the Royal Household and run a department consisting of ‘considerable’ funds.
Speculation over Sir Michael’s successor had been rife, and included Gerry Acher, former London senior partner at KPMG, and now honorary treasurer for the Queen’s golden jubilee celebrations which, on Monday, saw the unveiling of a new portrait of the Queen by artist Chinwe Chukwuogo-Roy.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016