The Corporate and Commercial team from Cains, has recently supported long-standing client KPMG Isle of Man on the merger with KPMG Channel Islands to form a single practice operating across the Crown Dependencies.
The merger creates a professional services business of 430 people, locally owned and dedicated to serving the key industry sectors across the three islands, to share expertise and knowledge whilst each maintaining their local identity within their respective marketplaces.
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, ensuring that KPMG’s clients can benefit from an optimal blend of local and global expertise from KPMG’s network.
Cains partners Scott Leonard-Morgan and Tristan Head, who head Cains’ Corporate practice, acted as lead counsel to KPMG Isle of Man, advising on all matters of Isle of Man law and regulations in connection with the merger. They worked closely with Carey Olsen’s Jersey team over the last three months to formalise the merger, which took effect from 1st January 2021.
Russell Kelly, senior partner leading the Isle of Man team into the new formation, said “It was a pleasure to work with Cains again on this important strategic formation of a single KPMG practice operating across the Crown Dependencies. The formation of the combined practice was finalised and put in place exactly in line with the timetable that we set ourselves and we look forward to continuing to work together as we move ahead.”
Speaking of the transaction, Scott Leonard-Morgan said “We value our relationship with KPMG, both in the Isle of Man and further afield. We are thrilled to have been able to assist with the formation of a broader KPMG Crown Dependencies group that itself will form a core part of the KPMG Islands Group, and we look forward to continuing to work with the team.”