Two top executives at Kroll are leaving the US-based security company to set up their own corporate investigation business in partnership with Mr Patrick Grayson, the former head of the company's London operation.
Mr Grayson and his two new partners, Mr Peter Pender-Cudlip, the former director of Kroll's London business intelligence and investigation practice, and Mr Andrew Wordsworth, director of Kroll's asset searches and litigation, will formally launch Grayson Pender Wordsworth (GPW) today.
"GPW will focus on the delivery of pure business intelligence. This industry is all about knowledge and between us we have a strong network of contracts," said Mr Pender-Cudlip.
In the wake of the scandals at WorldCom and Enron, corporate intelligence businesses have seen a surge in demand for their services. "Managements are being much more cautious and are now doing proper due diligence," said Mr Pender-Cudlip.
The range of services London-based GPW is offering to clients includes investigations of internal misconduct or fraud, competitive intelligence research, due diligence ahead of proposed mergers, acquisitions or joint ventures and investigations and information gathering in support of litigation.
"The flat equity markets are now forcing people to do business in traditionally risky areas to get higher returns.
"Many of our clients are based in the US and are concerned about doing business in Russia and the Middle East. I predict that 60 per cent of our clients will be ex-UK," said Mr Wordsworth. - (Financial Times Service)
