Makinson Cowell is to move to Lazard at the start of December.

KPMG has owned the consultancy for seven years. Details of its agreement with Lazard have not been disclosed, but it is understood that the deal has not been structured as an acquisition. KPMG will close the business and Makinson Cowell’s bosses Bob Cowell and Howard Coates will restart the consultancy at Lazard.

A KPMG spokeswoman said that Makinson Cowell would “cease to provide services as part of KPMG at the end of November” adding that the move “forms part of KPMG’s strategy to grow the firm by focusing on its core offerings”.

The switch comes after KPMG disposed of its pensions practice to Exponent in March for more then £200 million also to alleviate worries about potential conflicts of interest in its audit work.

Makinson Cowell links listed companies with their shareholders. Its services include drawing up reports to help companies to understand how their investors view them, providing analysis of shareholder registers and advising boards.

The consultancy has more than two dozen clients in the FTSE 100 and FTSE 250 and has 34 staff.

It is understood that about half the employees will go to Lazard. Some will stay with KPMG and others are leaving to find new employment, The Times reports.

When KPMG purchased Makinson Cowell in 2013, it labelled the £15 million deal as part of a push into equity advisory work. KPMG bought the consultancy the year after the “shareholder spring”, when institutional investors and companies clashed over executive pay, spurring demands for better relationships between the two sides.

However, in July, the accountancy regulator set out plans for the Big Four to separate their audit divisions by 2024. The move was the first structural shake-up of the way accountancy firms operate since a series of reviews prompted by the famous collapse of Carillion in 2018. Other corporate collapses such as Thomas Cook and BHS have increased pressure on auditors and led to increased calls for reform in the sector.

Makinson Cowell’s move to Lazard will help the bank increase its presence in the UK.

Cyrus Kapadia, chief executive of Lazard’s UK investment banking business, said that the consultancy would help the group to advise clients on stock market listings. He said: “Makinson Cowell has strong relationships with the institutions on the ‘buy’ side and many years of experience. Having that knowledge and experience built into our business as we talk to clients and prospective IPO candidates will be a real advantage.”