Teneo launches financial advisory practice in Australia following PwC acquisition
Global management consultancy firm Teneo has officially launched its financial advisory practice in Australia following the closure of its acquisition of PwC’s former Australian business restructuring arm.
First flagged at the end of last year and finally confirmed in July, the acquisition sees more than 80 former PwC turnaround & restructuring professionals cross to Teneo, including Stephen Longley as head of its new Australian financial advisory practice.
“We are thrilled to join Teneo as a key part of its strategy to grow a global financial advisory and restructuring practice, and look forward to collaborating with Teneo’s global network to support our clients through their most important challenges,” Longley said.
Earlier, Teneo acquired the restructuring practice of Deloitte in the UK market, and the restructuring business of KPMG in Bermuda.
Longley, a more than three-decade industry veteran, is joined by fourteen fellow senior managing directors, many who crossed or returned to PwC upon its acquisition of turnaround & restructuring specialist PPB Advisory in 2018, including Longley himself as well as former PPB chief executive Daniel Bryant who co-led the last merger and oversaw its integration.
As a very quick tally, the senior managing director cohort alone adds upwards of three centuries worth of combined experience to Teneo, as well as expanding the consultancy’s existing NSW and Victoria footprint into Queensland courtesy of Brisbane-based trio Derrick Vickers, Kevin Holzapfel, and Michael Owen, the latter who was also a partner at Grant Thornton and BDO.
Otherwise, Teneo’s new financial advisory leadership team is evenly split between Sydney and Melbourne. Members of the latter include former PwC partners Craig Crosbie, Robert Ditrich, Martin Ford, Tim Robertson and Rebecca Gill, while the Sydney team is led by senior managing directors Phil Carter, Adam Colley, Melissa Humann, Daniel Walley and Andy Scott.
The more than two dozen executives join existing senior vice president Rhea Brennan and senior managing director Katherine Kim, both who are members of Teneo’s strategy & communications division based out of Sydney, with Kin joining from the firm’s New York office at the beginning of last year and Brennan on board locally since 2018 ahead of Teneo’s acquisition of Quay Advisers.
Headquartered in New York, the 2011-founded consultancy has a global headcount of more than 1,700 professionals spread across two dozen countries worldwide. Describing itself as a global CEO advisory firm, Teneo also includes management consulting, risk advisory, and people advisory alongside financial advisory and strategy & communications as its five major divisions.
