Current KPMG UK boss Jon Holt will head up the merged entity as group CEO with Stefan Pfister, head of KPMG Switzerland, as group deputy CEO of the combined firm.

The plan for a merger was first announced in December and will create a £3.4bn business, making it the second largest in the KPMG network. The UK operation will be the larger partner in terms of revenue with reported fee income of £2.96bn for FY23 while KPMG Switzerland has revenue of CHF 527.1m (£478m).

The merger will see KPMG establish a new limited liability partnership (LLP) bringing together the two firm’s equity partners. The new LLP will own the existing UK and Swiss firms and will start operating from 1 October this year.