RSM has announced that it grew 6% globally last year, making it the sixth-largest annountancy network worldwide.
Its results to the year ended 31 December 2015 show its overall fee income hit $4.64bn (£3bn). Fee income was up 10% in the USA, 10% in Europe (based on fee income in local currencies), 6% in Middle East and North Africa, 1% in Asia Pacific, and 9% in Latin America. Audit and accountancy fees increased by 4% to $2.27bn, tax grew by 7% to more than $1.35bn, and consulting/advisory was up 6.9% to $1.02bn.
In October last year, RSM member firms globally adopted the brand and trading name ‘RSM’ – a move which saw its UK member firm, Baker Tilly, change its name, having left its eponymous network Baker Tilly International.
CEO of RSM Jean Stephens (pictured) said: “We have had a very positive year and these figures indicate that RSM is going from strength to strength. RSM firms worldwide are helping companies operate in an increasingly complex and rapidly changing environment by providing expert advice and insights that are based on a deep understanding of their business wherever they may be. Our unified brand is allowing us to focus on the needs of our clients even more, giving them the confidence to take their business forward”.
During 2015, RSM appointed eleven new member and correspondent firms in Bangladesh, Belarus, Bosnia and Herzegovina, Colombia, Italy, Mali, Niger, Philippines, Sri Lanka, Tajikistan and Zimbabwe. The network now comprises more than 38,000 staff working across 760 offices in 120 countries.
The average cost of fraud increased 35.4% to £3.9m in 2016, compared to 2015 data
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal