KPMG LLP and Rothstein Kass, a leading professional services firm in the hedge fund industry, have entered into an agreement to merge. Terms of the deal are undisclosed and it is expected to wrap up in a few weeks.
Most of the principals and employees of Rothstein Kass will join KPMG, giving the firm a solid position as a leading provider for the U.S. hedge fund market.
The deal will also boost KPMG’s presence in the alternative investments industry and capital markets, which includes the private equity, real estate and infrastructure industry.
"Combining the strength of KPMG and its global reach with Rothstein Kass' leading market position will create the preeminent professional services provider in the hedge fund market," John Veihmeyer, global chairman of KPMG said in a statement. "This powerful combination will provide the services and capabilities our clients need as they face new regulations, increasing market complexity and global convergence that are affecting hedge funds and the broader alternative investments industry around the world. This also represents a significant investment in our Audit and Tax businesses and demonstrates our continued commitment to driving growth in our core services."
"This is a game changer, and we are truly excited by the expanded global opportunities that this combination will present for our clients and our people," Steven Kass, CEO of Rothstein Kass, said in a statement. "We are looking forward to a seamless transition that will provide business continuity for both our clients and professionals, and are committed to continuing to provide the highest level of service for which KPMG and Rothstein Kass are known."