KPMG In Deal For Rothstein Kass

May 30 2014 | 9:41am ET

Accounting giant KPMG is set to leap into the front rank of hedge-fund service providers with the acquisition of Rothstein Kass.

Terms of the deal, which is to be announced today, were not disclosed. But acquiring Rothstein Kass will make KPMG the largest auditor of hedge funds by number of clients—it is currently fifth—and will add such illustrious names as Brigade Capital Management, Paulson & Co. and Pennant Capital Management to its roster.

KPMG has been pursuing Rothstein Kass for a number of years. Indeed, last year founder Steven Kass told employees that the firm was “not for sale.” But firm chairman Howard Altman told The Wall Street Journal yesterday, “things always change. Nothing’s ever static.”

Rothstein Kass informed employees of the deal, KPMG’s largest since its formation in 1987, yesterday.

Roseland, N.J.-based Rothstein was founded in 1959 and is the 20th-largest accounting firm in the U.S., according to Accounting Today. The firm has over 1,000 employees spread across 10 offices, including two in key overseas hedge-fund centers, the Cayman Islands and Ireland.


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of