COMPLIANCE
KPMG Launches Law Firm in US
KPMG has been given permission by the Arizona Supreme Court to start its own law firm in the U.S., called KPMG Law.
This makes KPMG the first of the “Big Four” accounting firms allowed to practice law in the country, following a change in Arizona’s rules that lets non-lawyers own law firms.
KPMG plans to offer legal services such as writing contracts and helping with business deals, using advanced technology and artificial intelligence.
However, to avoid conflicts of interest, KPMG won’t provide legal services to its audit clients worldwide.
WEALTH MANAGEMENT
India’s Family Office Boom Fraught with Risky Products
India’s growing wealth has created over 868,000 millionaires and 185 billionaires, but it has also led to risky investment practices by wealth managers and alternative funds.
These groups are pushing high-risk investments such as high-yield bonds, direct lending, and venture capital, raising nearly $60 billion by September from investors chasing bigger returns.
However, the market regulator, SEBI, is worried about “misselling,” where investors aren’t fully informed about risks or lock-in periods, leading to losses in things like unrated bonds and troubled real estate projects.
Some wealth managers and funds have been criticized for changing fees, delaying returns, or promoting shaky investments, with cases like CIG Realty Fund showing how money was misused, leaving investors with little after years.
SEBI is now tightening rules and enforcement to protect investors, but the fast-growing and varied wealth management market remains hard to control.
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