KPMG, the consultancy and professional services giant, has promoted Tom Brown, currently European head and deputy global head of investment management, to lead its global investment management practice.

Brown will assume his new responsibilities from 1 October this year and be based in the firm's London office.

He replaces Dave Seymour, who will stay within the company but move on to focus on the US market. Seymour was in charge of KPMG's global investment management team, which comprises around 3,000 staff members in 144 countries, for seven years. During his time at the helm, the team doubled its revenues to $2 billion, the firm said in a statement.

Brown described the current asset management climate as very challenging and highlighted the regulatory pressure which is "reshaping the sector".