BusinessCompany NewsLure of US market seduces Mazars

Lure of US market seduces Mazars

Mazars changes tack on litigation-hungry US market after opening merger talks with New York-based firm

Mazars’ president Patrick de Cambourg

Has Mazars done a u-turn on its strategy of avoiding the litigation-hungry US
market?

That’s the big question after the firm announced that it had begun merger
talks with New York-based firm Weiser – ranked 24th largest firm in the US.

Last year Mazars’ president Patrick de Cambourg spoke out about the firm’s
concerns over the risk of litigation in the US.

“Most would go to the biggest market, we said the contrary,” said de
Cambourg.

But, talking to Accountancy Age this week, he said the merger plan fitted
into Mazars’ strongly managed risk strategy in the States, as opposed to a
change of heart. “This is a hand-picked opportunity.”

Mazars had its own teams in New York pre-Enron, who then moved into Weiser.
The firm has performed strongly, and both view each other as strong risk
managers. “We feel confident as [it has] demonstrated over the past ten years
that it manages risk that doesn’t expose us. We’ve carefully considered this,
and felt at ease with the move.”

De Cambourg believes the deal will fail to sour the good relationship that
Mazars has with other US firms through the Praxity network.

“This deal is not going to change that relationship. It shouldn’t and it
doesn’t.”

Mazars’ and Weiser’s partnerships are considering the merger plans and a
decision is expected by the end of the first quarter of 2010.

Weiser has operated for more than a century, focusing on high net worth
individuals and owner managers of “closely held” businesses.

IN OUR VIEW
Mazars’ move into the US market shows that gains to be had across the pond
cannot be ignored. Whether it can steer clear of class-action audit suits remain
to be seen – but Mazars obviously thinks it’s a risk worth taking.

Further reading:

Mazars
in merger talks with New York firm

Related Articles

Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor
Senior partner elected for second term at Mazars

Accounting Firms Senior partner elected for second term at Mazars

11m Stephanie Wix, Writer
Mazars appoints Mather as restructuring partner

Accounting Firms Mazars appoints Mather as restructuring partner

2y Chris Warmoll, Writer
Latest Accountancy Age iPad App out now

Accounting Firms Latest Accountancy Age iPad App out now

4y Rachael Singh, Writer
Mazars wins DQ Entertainment audit

Accounting Firms Mazars wins DQ Entertainment audit

7y Rachael Singh, Writer
Mazars acquires Chadwick

Company News Mazars acquires Chadwick

8y AccountancyAge.com
Mazars strengthen financial services team with three new partners

Audit Mazars strengthen financial services team with three new partners

8y Gavin Hinks, Writer
Mazars appointed administrators at Asian radio station

Business Recovery Mazars appointed administrators at Asian radio station

8y Kevin Reed, Writer