In the Media

  • KPMG Chief Economist Constance Hunter discusses the most pressing global economic issues with Real Vision TV


  • KPMG Chief Economist, Constance Hunter interview with TheStreet

    U.S. Won't Be Dragged Down by Japan, Europe in 2015 Says KPMG's Hunter

    “The sluggish Japanese and European economies will not slow down U.S. growth in the coming year, said Constance Hunter, Chief Economist at KPMG. Hunter added that the strong U.S. dollar may pinch multinational profits, but the losses will be offset by lower oil and natural gas prices. She said the rising US currency will also cause consumers to spend more on imports, thereby benefiting European and Japanese exporters. Hunter said she expects increased capex spending in 2015 as manufacturing capacity is exhausted and she also expects banks to do their part by expanding commercial and industrial lending.”

    Please click here to view the interview.

  • Small Banks Face Technology Challenge in Wealth Management

    Banks keen on offering wealth management services should heed the advice from hockey legend Wayne Gretzky — move to where customers are going to be, not where they have been. More community banks are entering wealth management as interest rates remain low and loan demand soft. But they are making this move at a time when affluent clients' expectations are changing. Such clients want more transparency and input into financial decisions, requiring wealth managers to brush up on nontechnical skills, such as building a trusting relationship.

    Developments in technology and a generational shift are partly responsible for driving such changes, industry experts said. Smaller banks that want to compete must pay close attention and adapt if they want to stay relevant.

    More customers are questioning the need for a wealth manager, said Kathleen Burns Kingsbury, a wealth psychology expert and founder of KBK Wealth Connection. "That's where helping them to understand that really good wealth managers allow you to think about your vision for the future and the things you need to get there," she said.

    Community banks have a natural advantage over other wealth management firms, industry observers said. Smaller institutions are often skilled at building customer relationships, a key ingredient to a strong wealth management department. Community banks also do a good job building a reputation for being trustworthy.

    Still, small banks have fallen behind in setting up the technology customers expect and want from wealth managers, industry observers warned. Customers may want access to forecasts and online modeling. The may also want see statements more frequently than once a month.

    "Gen X and Gen Y are expecting different service interactions and the marketing and communication and branding are totally different," said Robert McGraw, a partner in the financial advisory practice at KPMG. "They want access to a good product and advice, but in a cost-effective way and with much more technology, along with a high-touch model."

    (Source: American Banker)

  • KPMG COMPLETES ROTHSTEIN KASS TRANSACTION, PROPELLING THE FIRM’S LEADERSHIP IN THE U.S. HEDGE FUND MARKET

    KPMG now Positioned as a Market-Leader in Audit, Tax and Advisory Services for the Alternative Investments Sector


    NEW YORK – July 1 -- KPMG LLP, the U.S. audit, tax and advisory firm, has completed its acquisition of certain assets of Rothstein Kass and the admission of most of the former Rothstein Kass principals and employees. The combination brings together KPMG’s expansive alternative investments presence and global reach with Rothstein Kass’s hedge fund industry expertise and personnel. With the addition of Rothstein Kass’s capabilities and team members, KPMG becomes a market leader in providing the highest level of service to hedge funds of every size and at every stage of growth, while also enhancing the firm’s already strong position in the alternative investment space – including private equity, real estate, infrastructure and hedge.

    “Adding Rothstein Kass’ team to KPMG significantly enhances the services we provide to hedge funds of all sizes, all around the globe, and at every stage of the fund lifecycle,” said John Veihmeyer, Global Chairman of KPMG.  “With the explosive growth of capital moving into hedge funds, enhancing trust has never been more important to investors, regulators, and the broader industry. The global reach and market-leading expertise KPMG now offers will be vital to hedge funds operating around the world and complying with a multitude of regulatory and legal requirements.”

    KPMG’s Alternative Investments practice, with more than 6,000 partners and professionals worldwide, provides audit, tax and advisory services to hedge, private equity, real estate, and infrastructure funds, and is an integral part of the firm’s Financial Services business line.

    “The deal is a powerful demonstration of KPMG’s expanding strength in and commitment to serving the broader Alternative Investments industry and capital markets,” said P. Scott Ozanus, Deputy Chairman and COO of KPMG.  “The enhanced team not only offers clients and prospects an unparalleled client experience, but it also extends to them an ability to leverage the expertise of the largest auditor of hedge funds.”

    About KPMG LLP
    KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the U.S. member firm of KPMG International Cooperative (“KPMG International”). KPMG International’s member firms have 155,000 professionals, including more than 8,600 partners, in 155 countries.

  • KPMG Closing on Rothstein Kass Deal

    KPMG is set to close on its purchase of hedge fund auditor Rothstein Kass next week, most likely on June 30.

    The deal culminates a years-long effort by KPMG to develop the leading hedge fund-auditing practice, said Scott Marcello, who heads the firm’s U.S. financial-services business. While KPMG is one of the Big Four accounting firms, its fund-auditing practice is smaller than that of Rothstein Kass. But combined, it will surpass Deloitte in the number of SEC-registered fund managers it works with and be neck and neck with Ernst & Young and PricewaterhouseCoopers, according to Hedge Fund Alert’s Manager Database. KPMG’s next move: to further expand market share by focusing on regions, including the Chicago area, where it will still have a relatively small footprint even after completing the Rothstein Kass deal. It also aims to increase its presence in key locations outside the U.S., including London, Ireland, Bermuda and the Cayman Islands.

    The leadership of KPMG’s expanded hedge fund group, which offers auditing, consulting and tax-advisory services, will include executives from Rothstein Kass. With the exception of a family office practice that is spinning off as Flyn Family Office, most of the 76 partners at Rothstein Kass are joining KPMG.

    Source: Hedge Fund Alert (HFAlert.com)

  • KPMG’S DEANNA FLORES APPOINTED NATIONAL TAX LEADER FOR REGISTERED FUNDS AND INVESTMENT ADVISORS

    New York, May 27 – Deanna Flores, a 22-year veteran of the Investment Management industry, has been appointed National Tax Industry Leader for Registered Funds and Investment Advisors, for KPMG, the audit, tax and advisory firm.

    Over the past two decades, Flores has focused on a wide range of tax matters, including those related to U.S. and non U.S. investment alternatives, domestic and cross-border financial products issues, and investor opportunities.

    Flores leads the KPMG initiative related to cost basis reporting and co-leads the KPMG U.S. initiative related to the Foreign Account Tax Compliance Act (FATCA) for investment funds and asset managers.

    “Deanna has played a key role in helping our clients navigate through the rapidly changing regulatory environment over the past few years and with her expanded role, she will drive many of our tax initiatives for our investment management clients,” said Jim Suglia, National Leader, and Investment Management.

    Prior to joining KPMG, Deanna served as in-house general tax counsel to a global top-10 asset manager; in-house counsel to the leading industry trade association; and as an attorney in Washington, D.C., where she developed a practical understanding of the legislative and regulatory processes impacting Investment Management clients.

    Deanna joined KPMG in 2008. A graduate of San Diego State University, she earned a B.S. degree in Finance and a J.D. degree from George Washington University Law Center.

    About KPMG LLP
    KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the U.S. member firm of KPMG International Cooperative (“KPMG International”). KPMG International’s member firms have 155,000 professionals, including more than 8,600 partners, in 155 countries.

  • KPMG BECOMES PREMIER PROFESSIONAL SERVICES PROVIDER IN U.S. HEDGE FUND MARKET WITH ADDITION OF ROTHSTEIN KASS PARTNERS AND EMPLOYEES

    As a Result of the Combination, KPMG Will Become a Market-Leader in Audit, Tax and Advisory Services for Hedge Fund Sector.

    KPMG LLP, the U.S. audit, tax and advisory firm, and Rothstein Kass, a leading professional services firm in the hedge fund industry, have entered into an agreement by which most of the principals and employees of Rothstein Kass will join KPMG. As a result of this agreement, KPMG will be positioned as a premier professional services provider for the U.S. hedge fund market. Read More