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RSM annual fees receive 18% boost to $4.4bn

RSM INTERNATIONAL, the world’s seventh-largest global accounting network, has reported an 18% increase in global fee income, year-on-year, to $4.4bn (£2.9bn), for the financial year ending 31 December 2014.

Fee income was up 79% in Europe, 8% in North America, 22% in Latin America, 13% in Africa, 9% in Middle East and North Africa, and 2% in Asia Pacific, the network joined by Baker Tilly said

Audit and accountancy fees increased by 17% to $2.2bn, tax grew by 15% to more than $1.3bn, and consulting/advisory was up 57% $838m.

Jean Stephens, CEO of RSM, said: “We have driven growth in all continents and across all our sectors. These results can be attributed to our focus on strategies for continued consolidation.”

RSM appointed nine new member firms across four continents during the period: Africa and the Middle East (Benin, Burkina Faso, Cameroon, Ghana and Uganda), Asia Pacific (Myanmar), Europe (Estonia and the UK) and Latin America (Panama).

RSM’s global growth led to an increase in headcount of 17% to nearly 37,500 staff working across 732 offices and 112 countries.

In Europe, RSM saw strong fee growth in Finland (53%), Greece (47%), and Switzerland (33%). Strong growth was also seen in the Asia Pacific region including in Malaysia (25%), Singapore (17%), Indonesia (12%) and New Zealand (20%).

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