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RSM International recorded an 18 per cent increase in fee income in 2014.
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RSM records big spike in fee income
13 January 2015
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The world's seventh largest global network of independent audit, tax and advisory firms recorded fee income of US$4.4 billion last year.
The growth was predominantly driven by a strong performance in Europe, where the network saw 79 per cent incrome growth. Meanwhile, the Asia Pacific region recorded just 2 per cent growth.
Audit and accountancy fees increased by 17 per cent to US$2.2 billion, tax grew by 15 per cent to more than US$1.3 billion, and consulting/advisory was up 57 per cent to over US$838 million.
Jean Stephens, chief executive of RSM, described 2014 as a very strong year for the network.
“We have driven growth in all continents and across all our sectors," Ms Stephens said. "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.”
RSM appointed nine new member firms across four continents in 2014: Africa and the Middle East (Benin, Burkina Faso, Cameroon, Ghana and Uganda); Asia Pacific (Myanmar); Europe (Estonia and the UK); and Latin America (Panama).
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Ms Stephens said the network now starts 2015 in a strong position.
“The quality of clients and people we are attracting is world class," she said. "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.
“The industry will continue to be driven by macro issues, including audit reform and the OECD proposals for minimising tax avoidance and creating a more appropriate tax infrastructure for the internet economy. We are pleased that the OECD’s work has been inclusive of the emerging markets as this is only fitting given the increasingly globalised economy.”
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