Global network RSM International has seen fee income rise by 18% in the past year, to hit $4.4bn (£2.9bn) driven by strong growth in audit and tax work and substantial increases in fee income at its member firms in Europe
Audit and accountancy fees increased by 17% to $2.2bn (£1.45bn), tax grew by 15% to more than $1.3bn (£860m), and consulting/advisory was up 57% to over $838m (£553m) in the financial year ending 31 December 2014, which also saw the network celebrate its 50th anniversary.
RSM International, which added Baker Tilly as its UK member firm in 2014, saw fee income up by 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.
From a UK perspective, the surprise announcement that Baker Tilly was quitting rival network Baker Tilly International to join the RSM network followed the mid-tier UK firm's quick fire purchase of RSM Tenon.
In Europe, RSM saw particularly strong fee growth in Finland (53%), Greece (47%), and Switzerland (33%). Malaysia (25%), Singapore (17%), Indonesia (12%) and New Zealand (20%) also performed well.
Jean Stephens, CEO of RSM, said: ‘We have had a very strong year. 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, our advanced client-growth programmes for providing seamless services across borders, and our uncompromising attention to providing the highest possible quality services to our clients.’
As well as the link with Baker Tilly, which has a fee income of over £300m, RSM appointed nine new member firms in Europe (UK, Estonia) Africa (Benin, Burkina Faso, Cameroon, Ghana and Uganda), Asia Pacific (Myanmar), and Latin America (Panama).
RSM’s headcount has increased by 17% to nearly 37,500 staff working across 732 offices and 112 countries and is the seventh largest network of audit, tax and advisory firms.
Stephens said: ‘We are in a strong position as we begin this New Year. The quality of clients and people we are attracting is world class. The network is energised by our achievements and we are looking forward to continuing this drive to bring further growth and success to our member firms and their clients during 2015.’
