UK - Neil Smith and Nick Evans, both senior investment consultants at Hewitt, are joining KPMG investment consulting in senior roles.
Patrick McCoy, head of investment consulting at KPMG said: “We are very excited to have Neil and Nick on board and we will continue to recruit.”
KPMG is looking to build a team of around 25-30 eventually. McCoy said “A team of around 25-30 is just right. Above that, one tends to lose a lot of benefits and it does get difficult to steer the ship.”
Though KPMG has been in the investment consultancy business for the past 15 years, it has decided to increase its focus in this area. McCoy was hired from Hewitt at the start of the year.
He is now looking to position KPMG as a “boutique investment consultancy” firm providing clear and practical advice and “not a range of options” to clients.
“The investment consultancy business in the UK is too narrow and we don’t have a very high level of competition. Too much of the business is cornered by the big three - Mercer, Watson Wyatt and Hewitt and they have gone unchallenged so far.
“We hope to challenge some of that domination by creating a bit of competition in the market and providing some alternative choices to clients.”
McCoy said that he was targeting a more organic growth - looking to service existing clients rather than adding new clients in the first instance.
KPMG also does not plan to go down the multimanager route. McCoy said: “There are lots of ways that one can make money and the question is whether multimanager adds any kind of value for clients.”
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