KPMG is planning to increase the number of staff at its office in Athol Street following a merger with its former rivals in the Channel Islands.

’This is a merger for growth and innovation is very positive for the Isle of Man’ said Simon Nicholas, a partner in the professional services company.

Some 114 people work for KPMG in the island and the plan is to increase this number in the months ahead.

He said: ’At the moment we have 114 people in the Isle of Man as of today and we are budgeting to be up to 127 people pretty much by the end of the summer.

’And actually nine of those people we have already identified, some have already got their visas and they are just literally waiting to come to the Isle of Man (but this will be dependent on the situation with Covid and the border restrictions).

’Some of it was linked to the merger and some of it was going to happen anyway because we are growing and this will continue.’

And it is understood plans are under way to boost staff numbers in the future, with estimates of up to 150 being discussed.

Mr Nicholas told Business News: ’Over the next 10 years we do expect significant staff growth.’

It is sometimes the case in the business world that mergers might lead to staff cutbacks but in this case KPMG insist that growth is a priority.

Mr Nicholas, who is head of markets and clients, added that KPMG remains committed to its home for more than 25 years in Athol Street, Douglas.

The island’s business community has been digesting the news that the KPMG firms in the Channel Islands, namely Jersey and Guernsey, and the Isle of Man, have announced the merger of their businesses to form a single practice operating across the Crown Dependencies.

KPMG says this creates a professional services business of 430 people, locally owned and dedicated to serving the industry sectors across the three islands.

Russell Kelly, based in the Isle of Man, who will be the head of advisory in the new practice and who continues to lead the Isle of Man office said: ’This brings us together as a single practice and will allow us to further enhance our seamless delivery to clients across the Crown Dependencies with the largest Crown Dependency-based advisory and taxation business providing access to deeper advisory and taxation specialisms based in our islands.’

The businesses are said to have worked more closely together over the last three months and legally formalised the merger to take effect from the start of this month.

The firm promises clients will have access to wider specialists located across the expanded business and in time some engagements may transition to new corporate entities created by the merger, but in the meantime it is business as usual, with client relationships maintained as they currently are to minimise disruption.

made sense

Neale Jehan, based in Guernsey, who will be the inaugural senior partner of the new Crown Dependencies business, said:

’As leading firms in each of our islands, it made sense to align ourselves so that we can leverage a larger pool of staff and specialists to meet our clients’ expectations, and invest together in driving growth and operational efficiency.

’The new practice is wholly owned by its local partners who will continue to make decisions quickly that are right for our jurisdictions.

’As the world works closer virtually cross-border, the historic boundaries of how we deliver our services are being lost and we are stronger and more flexible together.

’We are nevertheless proud of our local roots and will continue to be active in our communities supporting causes that are meaningful to our partners and staff.’

Mr Jehan added: ’We have had a strong start to the new financial year and we are confident about the growth opportunities arising in the post-Covid new reality.

’Our islands work with industry sectors that are predicted to remain buoyant post Covid, particularly private equity, insurance and digital and it is incumbent on us and government to ensure that we invest in the people and expertise to drive the quality of what we do and capture some of that growth for the islands, against the many external challenges that we face.

’Our future will be defined by bold decision making today and we need to work together, for better, across our islands.’

The combined practice forms a core part of the KPMG Islands Group, made up of international financial centres and overseas territories spanning a sub-region which extends from Malta to the Caribbean.

This grouping works closely with other KPMG practices in major global financial centres such as London and New York.