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Moore Stephens has found a Victorian firm to replace its Melbourne office, which last year defected to Chinese giant ShineWing.
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Melbourne firm joins Moore Stephens
16 June 2015
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Nexia Melbourne, with 16 partners and 100 staff, will join Moore Stephens as its Victorian office “in coming months”.
Confirming the board’s decision today, Nexia’s chief executive officer Steve Sakkas said he is looking forward to joining such a prominent network and expects his firm will benefit from Moore Stephens complementary strategic plan to generate growth in Australia and Asia Pacific.
“The strength of the Moore Stephens brand will enable our firm’s staff, directors and clients to have access to a broader group of professionals internationally,” Mr Sakkas said.
“Moore Stephens has always had a strong reputation and proud history (since 1907) in ‘private client’ services, which is an area closely aligned with ours. It will provide our clients with a quality Australian firm with enormous depth that is focused on ’private clients’.”
While the firms have signed the membership agreement, exactly when Nexia will join Moore Stephens is yet to be finalised.
The announcement comes at a tumultuous time for Moore Stephens after the firm’s Sydney office recently defected to mid-tier rivals Pitcher Partners. This, in addition to the former Melbourne office’s move to ShineWing, has undoubtedly had a huge impact on the firm’s earnings.
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Despite losing the network's two biggest offices, Moore Stephens Australia chairman Don Boyd said he is excited by the firm’s future following its recent expansion in Perth and the re-entry into the Melbourne market.
“Following closely on the announcement of our merger with UHY Haines Norton in Perth, this is a real vote of confidence in the strength of the Moore Stephens brand and in our strategy of always behaving as one firm – and now, in conjunction with a significant and high-performing Melbourne firm,” Mr Boyd said.
Moore Stephens has 292 firms operating in 626 offices within 103 countries and with annual fees income of almost $US2.7 billion.
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