US giant attempts to crack UK restructuring
One of the US’ biggest restructuring practices is making its second attempt to crack the UK market
Three former Ernst & Young partners have helped set up the European
division of major US restructuring firm FTI. The firm posted 2006 revenues of
$708m (£357m).
The launch follows FTI’s unsuccessful attempt to enter the interim management
market through Palladium Partners, which boasted Mark Palios and Trevor Birch on
its books, before FTI pulled out of the UK last autumn.
Kevin Hewitt, Paul Inglis and David Morris are serving as senior managing
directors for FTI Consulting in Europe, which has its head office in London.
The firm is launching with 13 restructuring professionals, and will focus on
providing restructuring and advisory, and corporate finance products to clients.
‘We will be hiring new talent into our business and looking at potential
acquisitions to accelerate our European growth strategy,’ said Hewitt. ‘My sense
is that the key restructuring talent in the market are giving serious
consideration, now, as to where they want to be positioned when the current
credit cycle comes to an end.’
The firm was already acting on behalf of clients despite just launching a
week ago, due to referrals from its ‘fantastic US client base’, added Hewitt.
FTI acquired PricewaterhouseCoopers’ business recovery services US division
for $140m in 2002.