Online Extra - KPMG fees bounce back to #726m
KPMG has shrugged off the disappointment of its failed merger with Ernst & Young to report a rise in fee earnings of 17% to #726m in the UK. Phillip Inman reports.
Colin Sharman, the firm’s senior partner who spearheaded the merger plan, saw his income jump by #134,000 to #904,000, also a rise of 17%. Average earnings for each partner in the firm rose by #50,000 to #256,000.
In the year to last September, Sharman, who is also the firm’s worldwide chairman, was paid a basic salary of #510,000, pension payments of #206,000 and #188,000 as his share of the firm’s #145m profits last year.
The results were a significant improvement on the previous year when the firm could only post growth of 6% following a collapse in fee income from its management consulting arm.
Management consulting and transaction services were the main growth areas last year, with consulting fees rising by 36%.