Senior exits shake up Deloitte M&A biz

New Delhi: Deloitte has lost senior executives in recent weeks amidst an influx of dealmakers from rival firms that changed its approach to the mergers and acquisitions advisory business, according to people familiar with the matter.Executives who quit include Rajesh Aggarwal, head of debt advisory, Ruchi Sarna, national head of consumer investment banking, and Suresh Atal, a senior partner in transaction advisory, multiple sources said.Their departure could lead to a movement of more executives as typically such moves at professional services firms trigger team movements, sources added.Aggarwal and Atal are likely to move to PwC while Sarna is also expected to move to a rival outfit.PwC recently named Anmol Bhandari, a former Deloitte executive, as head of its transaction services vertical.Deloitte has shifted its focus in mergers and acquisitions advisory to deals above $250 million in value after the firm brought in Rohit Berry from KPMG as president of that vertical about two years ago. Berry was followed by two other senior executives from KPMG, Vivek Gupta and Manish Aggarwal.Over 200 executives moved from KPMG to Deloitte following Berry's move.Deloitte and PwC did not respond to ET's queries."They (Deloitte) are looking to fill the gap in debt advisory. They are in the market to hire 6-9 partners," said a corporate finance head at an infrastructure company who did not wish to be identified.

from Economic Times https://ift.tt/HYnwm8M