Known as the ‘gang of four’, Rustom Kharegat, Robert Ohrenstein, Helen Pratten and John Oldcom, were in court last week to argue the toss over their notice period after being poached by KPMG. Deloitte wants them to sit it out, while the four want to get going straight away.
KPMG is rumoured to be paying well for the four and seems willing to invest considerable time waiting for them to arrive too.
But perhaps the most interesting commentary on this little drama came from a fellow Big Four private equity practitioner who declared it was a ‘relief’ when the judge ruled in favour of Deloitte.
A relief because suddenly some tough competitors had been taken off the field of play. This is revealing in that it shows that despite recent good news about an upturn in corporate finance activity, things are tough enough to provoke financiers into wishing their competitors away. Of course, people always want their competitors to disappear, but corporate financiers usually believe they’re a match for anyone else.
Which brings me to another point. Maybe the confidence of corporate financiers after the recent downturn has been shot to pieces. So much so, in fact, they really don’t relish the fight anymore. If that’s the case then the near disappearance of deals has been much more damaging than we ever thought.
Let me know, if you think different.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.