February 28, 2021

Ernst & Young Flips Deloitte The Bird With Its Latest Partner-Robbing Press Release

Perhaps someone at KPMG is available to counsel Deloitte on how to handle the latest press release out of Uncle Ernie's camp that basically rubs in the fact that EY is busy snatching up Deloitte partners. We're not saying it's suspicious that BOTH of the named partners in the press release happened to do time for Deloitte Tax, we're just saying we've dealt with former significant others acting out publicly and sort of recognize the "LOOK HOW HAPPY I AM OMG" tactic is all.

Seeing the competition boast in a press release about how they stole your partners is akin to seeing your ex brag on Facebook about how much fun they are having with their new love, let's be real about it. Unfortunately, Deloitte doesn't have the option to block EY here and just has to sit there and take it:

Ernst & Young LLP announced today the appointment of Julie Canty and Carlos A. Schmidt as partners in the firm's Asset Management Tax practice. They will be the sixth and seventh new senior professionals to join the expanding group in the US this year to provide clients with insights and perspective on issues relating to tax, regulation and compliance for the asset management industry.

"Julie and Carlos bring with them deep knowledge that will broaden our US experience and leadership in asset management," noted Michael Serota, Global Hedge Fund Services co-leader and Global Asset Management tax leader for Ernst & Young. "Their collective experience will strengthen our team's ability to help clients grow their businesses and respond to new tax regulatory changes. Their addition to Ernst & Young LLP underscores our continuing investment and growth in the firm's asset management industry practice across the US."

Canty was formerly with Deloitte Tax LLP's New York hedge fund group, where she focused on tax advisory, compliance and structuring fund clients. Prior to her association with Deloitte, Canty was a principal with Eastpointe Management LLC, a spinoff of Continuation Investments Group, Inc., where she was the fund controller.

Canty is also a former assistant controller for Oak Hill Capital Management, Inc., and was a tax manager with Arthur Andersen LLP. A certified public accountant, she earned her bachelor's degree in business administration from the University of Iowa.

Schmidt was with the Passthroughs group of the National Tax Office of Deloitte Tax LLP. He specialized in partnership tax matters with a specific focus on the formation and operation of hedge and private equity funds. Prior to joining Deloitte Tax LLP, Schmidt was Director of Tax for Highbridge Capital Management, LLC, a leading alternative asset management firm, with assets under management of over $20 billion. There he helped structure a number of credit and equity funds and oversaw cross-border investment tax planning. Schmidt was also responsible for all fund tax reporting and all financial statement matters pertaining to ASC 740.

While we don't necessarily predict EY/Deloitte will become the new PwC/KPMG, we do sense that EY could be getting a tad overexcited about its Asset Management Tax practice with all these dang press releases. We get it, you're pumped, just because you have a PR Newswire account doesn't mean you need to beat that bitch into submission with press releases every time someone in the practice lets one rip, guys.

Congrats? Or something.

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