Drivers Jonas this week lost a long-serving partner as a result of a conflict caused by its merger with accountancy giant Deloitte.
Head of investment valuations Rupert De Barr has left the company after 25 years to join Cushman & Wakefield.
At DJ – now Drivers Jonas Deloitte – De Barr specialised in loan security work for and on behalf of banks, including Royal Bank of
However, both banks are also audit clients of Deloitte, which led to a conflict of interest.
DJD managing partner Nick Shepherd said that the strict rules of the Securities & Exchange Commission in the
He said that, while the company was still able to provide a number of services for the bank, the rules did affect the loan sheet valuation work of De Barr and his team.
De Barr’s right-hand man, associate Chris Perry, has also left the company. He has joined Savills as an associate.
Sources said that they expected further fallout from DJ following the Deloitte merger.
One said: “Deloitte’s fees from auditing are bound to be much higher than those DJ can bring in for valuation work, so it’s not surprising that this has happened.”
Shepherd said that he was not aware of any further departures resulting from conflicts.
