The moves are part of the accounting firm’s efforts to revamp its structure to better serve private equity firms. Perhaps the most significant change is assigning a senior partner to each of its private equity client accounts. That senior partner is responsible for coordinating all of KPMG’s services for that client. The structure is similar to how KPMG operates in the U.K.
“The key is that someone from a private equity firm is going to be able to call a senior partner,” says Spitzer. “The firm will have a direct line into whatever function is needed to serve that fund. If you talk to the private equity funds, they clearly want a central point of contact. What drove us to the model is that our U.K. firm has been using it for a number of years most effectively.”
KPMG brought over Derek Zissman from its London office to help coordinate the new structure and serve as director of the new group.
New York-based KPMG is one of the largest accounting and transactional service firms worldwide with 93 offices and 19,600 employees in the United States. Its fiscal year 2005 revenues totaled $4.7 billion.—A.G. & M.S.