PracticeAccounting FirmsDeloitte downplays defection

Deloitte downplays defection

Deloitte has insisted that the loss of a 16-strong transaction services team to rival KPMG has caused no damage. The firm said its private equity department remained 'strong', despite the loss of four partners, two directors, four associate directors and a number of managers.

Link: Ormerod swaps Deloitte for offshore business

The short journey from EC4A to EC4Y was led by the ‘gang of four’ partners who were forced to serve their full notice period by Deloitte after ‘failing in a court challenge against the firm in January.

Rustom Kharegat, Helen Pratten, John Oldcorn and Robert Ohrenstein are said to have gained ‘golden hellos’ of between £500,000 and £1.7m each.

But Deloitte played down the losses. ‘We still have a very strong, large team with 24 partners in transaction services,’ said a spokeswoman.

The firm won the private equity accountancy firm of the year award in this year’s European Venture Capital Journal awards, she added.

KPMG was keen to parade its new signings, pointing out its involvement in big-name deals including Debenhams, National Car Parks and Travelodge.

Oliver Tant, global head of private equity at the firm, said: ‘Rustom and his team have an outstanding reputation in the market and I am delighted they have chosen to join our team.’

KPMG also said it was ‘pleased’ with the extent of restrictive covenants placed on the partners.

Tom Custance, solicitor for the four partners, said that further court action was avoided after a compromise was reached over the restrictions.

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