New York, May 29, 2014 — Paul Kraft, a partner with Deloitte & Touche LLP, has been appointed leader of Deloitte’s mutual fund practice, a cross-functional team whose clientbase holds more than $5 trillion in assets under management, it was announced today. He succeeds Elizabeth Krentzman, a principal with Deloitte & Touche LLP, who retires from Deloitte this summer.
With more than 25 years of experience, Kraft has served some of Deloitte’s largest investment manager clients, both in the U.S. and internationally, on accounting, financial reporting and operational and regulatory compliance matters. He also is the driving force behind Deloitte’s annual fair value pricing survey, which he originally spearheaded in 2001. Prior to joining Deloitte, Kraft was assistant chief accountant in the U.S. Securities and Exchange Commission’s investment management division where he assisted registrants and industry participants with division positions and requirements.
Kraft will oversee the national development and delivery of mutual fund marketplace strategies across Deloitte’s audit, tax, consulting and advisory businesses to mutual fund managers, boards of directors and industry service providers. He is based in Boston.
“Having steadily added new assets while navigating a slippery regulatory terrain, mutual funds are poised to take advantage of increased growth opportunities,” said Cary Stier, a partner with Deloitte & Touche LLP, and the leader of Deloitte’s investment management services practice. “I know that Paul’s extensive industry, regulatory and valuation background will be invaluable as the mutual fund industry continues to evolve — his diverse background will keep our practice focused on assisting the industry on this journey.”
Deloitte’s mutual fund practice — a part of the organization’s larger investment management practice — serves as the independent auditor to approximately 5,000 mutual funds, from innovative start-ups to major fund managers.
Krentzman — who was named mutual fund leader in September 2011 — has worked at Deloitte during two separate occasions, rejoining in 2007 after serving three years as the Investment Company Institute’s general counsel.
“Elizabeth has been a tremendous asset to Deloitte and we will miss her insights and contributions,” said Stier.
Kraft is a member of the Massachusetts Society of Certified Public Accountants, and served as the chairperson of its investment company committee. He also holds a seat on the Mutual Funds Directors Forum’s advisory board, is a member of the Greater Boston Chamber of Commerce financial services committee, and serves on the boards of both the Boston Public Library Foundation and Junior Achievement of New England.
About Deloitte’s investment management practice
Deloitte’s investment management practice works with each of the top 30 global asset managers, which includes serving as the corporate and/or mutual fund auditor for 18 of the top 50 U.S. mutual fund complexes and providing business advisory services to 16 of the top 20 mutual fund managers.
As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
SOURCE: Deloitte LLP