KPMG Luxembourg has announced today that its focus on strategic investments designed to anticipate client needs paid off in 2014. The firm delivered strong growth of 11% and has renewed its commitment to pursuing a strategy of investing heavily in people, technology and Luxembourg. KPMG Managing Partner Georges Bock explains:
“Two years ago, we made a commitment to transform the way our business works, to stay ahead of the game and outclass competitors. Fulfilling this promise involved a range of investments aimed at directly addressing megatrends identified as crucial for our clients’ businesses. The results we’re announcing today prove that our investment choices – namely people and expertise; technology; and Luxembourg - were right on target. The time, energy and capital spent in these areas have borne fruit and we’re proud to say that 2014 has been a successful year.”
Head of People, Thomas Feld, expands on how the demands of a fast-paced world had brought about investments in people.
“This is a period of unprecedented change, which calls for new skillsets and further flexibility. We have seen ourselves welcoming different profiles into the KPMG fold. However, our investments go beyond new hires. We are committed to keeping the best, so have developed a people strategy aimed at rewarding high performance and developing talent. This translated as a record year for promotions and training, with a third of staff moving to the next level, 10 new partners and a total of 83,310 hours spent by our people in training. Reinforcing the technical and people skills of all our employees remains an everyday priority. It is key to delivering the quality our clients expect.”
Head of Advisory, Pascal Denis, explains which investments in technology had played a significant role in the company’s growth:
“With business models becoming digital and operating models coming under additional cost pressure, business transformation and outsourcing are fast becoming a new norm for our clients. We spotted the need for economies of scale in certain areas in advance and looked to expand the breadth and depth of our capabilities so as to develop cost-efficient services that clients would no longer wish to perform in-house. Investments in data and analytics are core to the way we deliver expertise on an industrial scale. We architect best in class IT solutions and our clients are now reaping the benefits. This will allow us, for example, to deliver 10,000 AIFMD reports for our clients this year.”
The firm also chose Luxembourg as a main target for investment, participating in a multitude of industry working groups and becoming involved in roadshows and conferences promoting the Grand-Duchy. Head of Tax, Sebastien Labbé commented on the importance of this investment:
“There are a lot of misconceptions out there about Luxembourg and particularly about the reasons behind its success. The conferences and roadshows, especially, give us an opportunity to promote a better understanding of the main draw for companies coming to Luxembourg: namely the number of interwoven and complementary fields of finance in which Luxembourg has built up high levels of expertise. This makes it a perfect one-stop-finance-shop. We’re proud of this and of KPMG playing a role in building Luxembourg’s future.”
The finalization of our new headquarters located in Kirchberg also represents the three investment priorities - people, technology and Luxembourg – brought to life. Head of Audit, Emmanuel Dollé, is enthusiastic to have made the move:
“The main driver for constructing the new building was to finally bring our 1255 people under one roof and be closer to our clients. It’s a great feeling to have realized this dream, however I do think that we’ve succeeded in much more than our initial aim. We’ve put a lot of thought into the well-being of staff and making the office a unique place to be, as well as inspiring for our clients. There are spaces for both relaxed collaborative working and relaxation. We’ve also embedded technology into the design – such as our giant communication wall reminiscent of Times Square and interactive touch screens throughout the building. These are just a few examples of how we have gone the extra mile to make it a really different – and we hope exciting – place for our staff and our clients.”
Managing Partner Georges Bock asserts that KPMG will continue along its path of transformation in 2015, by continuing to invest in people, technology and Luxembourg.
“We have seen that if you do the right thing, you come to the right results: our intention is to continue along this same road. Luxembourg and its reputation abroad will always be an integral part of our future and in 2015 we aim to cover even more miles to tell the real story about Luxembourg worldwide.
Digital Luxembourg is becoming a reality and our investments position us as a key player in the transformation from a traditional to a digital economy. 2015 will be the year that Fintech makes waves in the Grand-Duchy. By teaming up with our clients to promote excellence and best practice on key trends like this, we can look to a bright future for both KPMG and Luxembourg.”
Find more information about our 2013/2014 results and our strategy on www.kpmg.lu/pressconf2015/