UK firms hunt for advisory work abroad

UK firms hunt for advisory work abroad

A drastic slump in London due diligence work will see UK accountants look to emerging markets to make up for advisory fee shortfalls in the capital

In its latest quarterly global IPO report,
Ernst
& Young
revealed that listings on AIM and the London Stock Exchange have
declined sharply. Money raised in the third quarter of 2007 only reached $4.5bn
(£2.2bn), 75% down on the $18.5bn raised in the second quarter.

In Brazil, Russia, India and China, however, $27bn was raised on the capital
markets, the highest amount ever in the emerging markets.

‘Advisory fee income has not suffered because of work in emerging markets. We
have a presence in these markets and are benefiting from that,’ an E&Y
spokeswoman said.

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