The new division is headed by Pierre Jacobs, who boasts 22 years’ experience in the sector, both in audit and advisory services. He has worked in South Africa and the UK, specialising in investment banking and stockbroking and worked with major businesses in South Africa and the rest of Africa.
"Through collaboration, innovation and the exceptional relationships we have formed over the years, we have assembled a team to rival the best in the market,” said Jacobs. "We are ready to help our clients in the financial services space navigate fintech challenges as well as complex regulations by understanding their businesses and related risks and giving quality assurance and advice.”
The new division consists of a team of 42 financial services specialists offering a full range of services for collective insurance schemes, hedge funds, private equity, Global Investment Performance Standards (GIPS), stockbroking, investment administration and ISAE 3402 reports.
"Our financial services team adds to an already comprehensive service offering, and gives our clients a credible and expert team to perform their auditing while allowing us to operate competitively,” said BDO CEO, Mark Stewart. "This professional team will continue BDO’s tradition of providing quality assurance and clarity to clients in a strictly regulated environment.”
In addition, the new offering boasts experience in banking, insurance, retirement funds, real estate, unsecured lending as well as offering a Specialised Valuations Group (SVG) – a team of professionals with expertise in the valuation of financial instruments and the related credit risk exposure.
Nevellan Moodley will serve as partner in the financial services team with a focus on technology. He has 10 years’ experience in financial services, specialising in IT audits and executing on related IT advisory projects.
"It is challenging to keep up with the exponential rise of technology in the financial services space, and to grasp the changes in our industry,” Moodley says. "Financial services clients are crying out for a new order in an industry that is constantly changing. Technologies such as robotics, artificial intelligence, machine learning, blockchain and cryptocurrencies are just a few of the area in which we are qualified to incorporate into our audit methodologies.”
Stewart said he looked forward to expanding the suite of services BDO could offer its clients, and deepening the relationships it had formed through its understanding of the current era of financial innovation.
"CLients are ready to partner with a firm that embraces change and innovation, is moving forward and understands the complexities of managing a business in the new fintech environment. We are excited about this new phase of BDO’s ongoing growth and evolution.”