Top ten accounting firm Baker Tilly is changing its name to RSM, with immediate effect, in a major rebranding of the firm in a move which erases all traces of the firm’s previous name and network alliances, and formally adopts the name RSM, in line with all the other member firms in the RSM network worldwide, which has declared its intention to target the middle market globally
The launch coincided with two days of staff activity under a global RSM World Day promotion but the firm would not disclose how it plans to communicate the changes to its client base in the UK, particularly those who were inherited by Baker Tilly following the RSM Tenon acquisition when the latter went into administration in 2013.
The firm, ranked at seventh in Accountancy’s league table of UK accounting firms, will roll out the new RSM logo and brand positioning - ‘The power of being understood’ - in all of its 35 UK locations and has already rebranded its buildings across the UK.
From 26 October, all member firms will trade as RSM but will continue to remain independent legal entities within the network, which has also dropped the ‘international’ part of its brand and will be known just as RSM.
Jean Stephens, CEO of RSM International, said: ‘Uniting under one brand is an important step in our long-term growth strategy. The new single brand enables us to better promote our resources and expertise, and provide an enhanced, seamless service offering to clients all over the world, benefiting them and also our 37,500 professionals globally.’
As part of the rebrand, the UK firm has launched a new look website at rsmuk.com and has changed its Twitter handle to @rsmuk.
‘By coming together under a common brand, we will be better able to draw on local knowledge and global expertise from across the network and this will help us to help our clients be successful wherever and whenever they expand the international reach of their business.’
Despite the low key nature of the external communications, the firm will have to communicate the radical change to UK clients and manage their reaction to the rebrand, which follows Baker Tilly's acquisition of rival firm RSM Tenon when the latter went into administration following financial difficulties in 2013.
In 2013, Baker Tilly merged with RSM Tenon, which it acquired for £30m in a pre-pack deal following a two-year spell of instability and financial difficulties. At the time, Baker Tilly was the largest UK member of the Baker Tilly International network, but went on to join RSM International the following year.
Explaining the decision taken in April 2014, Longe said the firm had concluded that RSM ‘was better aligned with Baker Tilly’s client needs and international growth aspirations,’ and cited its US presence as a particular strength. RMS has one US firm in its network, McGladrey, which is the fifth largest firm in the world, compared to Baker Tilly International which has 13 different firms.
In April 2015, after serving a year’s notice period with the Baker Tilly International network, Baker Tilly became RSM. It has now completed that transition, adopting a new common name and unified global brand across the RSM International network.
The new-look RSM can trace its origins back to 1865, to the firm of Walter Howard. The firm has been trading in the UK as Baker Tilly for 27 years from 1988 until 2015. Fee income at Baker Tilly was £246m in 2014, and it has 130 partners.
The UK rebrand is part of a global rebranding exercise, whereby RSM International has dropped the 'international' from its name and simplified the network with the use of RSM only.
RSM International is the seventh largest global network of independent audit, tax and consulting firms. Last year, it was the fastest growing top 10 global network posting an 18% increase in revenue to $4.4bn (£2.87bn) for the year ending 31 December 2014. The global network has 37,500 staff in 730 offices across more than 110 countries.
Meantime, on a global basis, the Baker Tilly International network posted $3.6bn (£2.35bn) revenues in 2014 and has 154 member firms in 133 countries, employing a total of 27,000 people. UK member firms are Broomfield & Alexander Broomfield & Alexander, Carpenter Box, Henderson Loggie, Larking Gowen, MHA MacIntyre Hudson, Monahans, Moore & Smalley and Tait Walker.
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