Publications
A list of papers I’ve authored or co-authored and published, in reverse chronological order — KPMG reports on strategy and value creation, plus longer reading lists on crypto and financial services.
Publications
Papers I’ve authored
A list of papers I’ve authored or co-authored and published, in reverse chronological order — KPMG reports on strategy and value creation, plus longer reading lists on crypto and financial services.
KPMG · June 2026
Splintering Supply Chains
How persistent trade shocks, tariffs and export controls are redrawing global supply chains — and the intermediary hubs and financing structures companies are using to stay resilient. Co-authored with Javier Rodriguez and Audrey Menard.
KPMG · March 2026 · Four parts
Winning the Carve-out Relay
KPMG’s playbook for designing, executing and winning consumer and industrials carve-outs, built around treating value creation as year-round portfolio management. Co-authored as China Head of Deal Strategy.
The four parts
Part 1 · Portfolio strategy
Selection & Preparation
Building carve-out readiness into year-round portfolio management, long before a divestment decision lands.
Part 2 · Carve-out strategy
Setting the Race Plan
Shaping the deal perimeter, separation strategy and target operating model for the exit.
Part 3 · Value case
Building the Value Case
Framing the equity story and upside that move buyers and price.
Part 4 · Execution
Separation in Practice
Running a clean separation through to Day 1 and a stable standalone business.
More reports
KPMG · 2025
Decoding Value
A practical look at how companies actually create value — factoring lifecycle stage, sector dynamics and capital costs. Building on Mauboussin’s framing of value creation as returns over cost of capital, and how to operationalise it.
KPMG
Value Creation in Private Equity
A five-capability blueprint for value-creation alpha, illustrated with data and case studies of how leading GPs are tilting their models toward the next-gen ‘quant PE house’.
KPMG
The M&A Dance
Why so many public-company M&A deals fail to deliver sustainable shareholder value — and how the best acquirers beat the odds.
KPMG
Following the Money in AI
The unprecedented scale of hyperscaler investment in AI infrastructure — forecast to exceed US$1 trillion between 2025–2027 — and the strategic dilemmas it creates.
KPMG · 2025
The Asia Data Center Landscape
A comprehensive analysis of the Asian data-centre market — the factors driving growth and the strategic considerations for successful carve-outs.
KPMG
The Electricity Economy
The rising strategic importance of cheap, secure and reliable electricity as a driver of global competitiveness, amid surging demand from emerging markets, data centres and transport electrification.
Reading list
On Crypto
I started investing in crypto assets in 2018 and have been fascinated by the possibilities ever since.
“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”
Satoshi Nakamoto · The Bitcoin White Paper
KPMG · 2024
Virtual Assets: 2024 Review & 2025 Outlook
A round-up of 2024 developments in virtual assets and the prospects for 2025.
KPMG · 2024
Virtual Assets: 2023 Review & 2024 Outlook
Price recovery, legal victories and regulatory advances in 2023 that let the sector rebuild — and the possible paths for 2024.
KPMG · 2022
The Collapse of FTX
The brief but eventful history of the cryptocurrency exchange that filed for bankruptcy protection on 11 November 2022.
KPMG · 2021
Crypto Insights: A Guide to DeFi
An evergreen overview of decentralised finance — financial services enabled by public blockchains and smart contracts, with no central party able to intervene.
KPMG · 2021
Crypto Insights: Decentralised Exchanges & AMMs
How DEXs enable token trading, and how Automated Market Makers solved the early liquidity challenge.
Reading list
On Financial Services
I’ve been advising on financial-services M&A and strategy since 2004. These papers set out my views across asset management, banking and credit, insurance, and payments and fintech.
“The ascent of money has been essential to the ascent of man.”
Niall Ferguson · The Ascent of Money
KPMG
Opportunities in Asia-Pacific Insurance
An in-depth overview of the Asia-Pacific insurance sector and the opportunities for M&A as the region moved into a post-Covid landscape.
KPMG · 2019
The Rise of the Tech Giants
How platforms such as Alibaba’s Alipay and Tencent’s WeChat Pay reshaped the payments landscape in China — and the knock-on impact on banks and consumers.
KPMG · 2017
Finance in Indonesia: Set for a New Path
In-market insights from working with regulators, state-owned and private institutions and fintech providers — the hot topics for Indonesian finance, with recommendations for improving the climate.
KPMG · 2017
Retail Payments in Indonesia
The Indonesian ePayments landscape and infrastructure, past and planned regulatory developments, and an early view on which players may prevail.
KPMG · 2015
Insurance in Indonesia
The market landscape for insurance in Indonesia — Life, Non-Life, Reinsurance, Broking, Distribution and Products.
KPMG · 2016
Financial Inclusion in Indonesia
A look at the opportunities in microfinance and financial inclusion across Indonesia.