The merger, effective from 1 October 2024, sees both firms enter the merger from positions of strength as growing, profitable businesses in their respective home markets and have a history of working together for multinational clients.

By combining their complementary strengths and technologies, the merged entity aims to enhance its service offerings across audit, tax and legal, and advisory sectors. With a broader geographical reach, the firm will also deepen its expertise, benefiting both national and international clients.

Jon Holt, chief executive and senior partner of KPMG UK, said: “This marks a historic moment for both firms. We will be stronger as one combined firm and together we will have the scale to significantly enhance our ability to deliver great outcomes for our clients both internationally and within our domestic markets.

“Merging brings huge benefits for our clients, our people, and our partnership and means we can now grow faster, be more profitable and invest together to create new services in a sustainable way.”

Stefan Pfister, CEO of KPMG Switzerland, said: “Both partnerships have made an important decision today, which will evolve and future proof our firms for the global business challenges ahead.

“Together we will be more agile and can bring the best of KPMG’s multidisciplinary model and sector expertise to clients nationally and internationally while at the same time maintaining our local market understanding and execution power.”

The merger will establish a new limited liability partnership (LLP) unifying the equity partners of both firms. Jon Holt will lead as group CEO, with Stefan Pfister as group deputy CEO. A new group executive committee will oversee decision-making and long-term growth, while a group board will act as the ultimate governing body. It will have an audit and risk committee, remuneration committee and a nomination committee.

KPMG Switzerland and KPMG UK will remain distinct entities, adhering to their respective national laws and regulations. Each firm will maintain its separate management committee for day-to-day operations and strategy implementation.

The UK will retain a UK board, led by Bina Mehta, in addition to its independent audit board and audit Executive – as required by UK regulation to deliver operational separation of the audit practice. The Swiss board of directors will continue to meet the requirements of the Federal Auditor Oversight Act.