RSM, the seventh largest global network of independent audit, tax and advisory firms, has further strengthened its presence in Argentina and the wider Latin American region following the merger of RSM Torrent with Razzetto Lopez Rodriguez & Cordoba (Razzetto) a highly-regarded top ten Argentine firm. The enlarged firm will be known as RSM Torrent Razzetto.
Buenos Aires-based RSM Torrent has been a member of the RSM network since its creation in 1964. In 2012 it had a fee income of US$2.5 million, and was ranked 10th in Argentina. Razzetto posted a fee income of US$4.3 million in 2012, and was ranked eighth in the country. The enlarged firm will have a combined fee income of US$6.8 million, and will be ranked 7th in Argentina.
RSM Torrent Razzetto will have ten partners and 190 staff, and is looking to increase its headcount and expand its geographical coverage in Argentina as it serves a growing number of national and multinational businesses.
Daniel Razzetto, Partner at the newly formed RSM Torrent Razzetto, comments: “Razzetto was the largest firm in Argentina without memberhip of an international network, so a merger with RSM Torrent was a logical next step in terms of furthering our growth ambitions, which we felt would be significantly enhanced by increasing the volume of cross-border work.”
“The RSM network is seventh largest globally, fifth largest in the U.S. and growing rapidly in Latin America, which was hugely important for us in choosing RSM Torrent to partner with.”
Javier Torrent, Managing Partner of RSM Torrent, added: “We recently won the audit of a Fortune 30 company, which has a significant presence in Argentina and other Latin American countries, which is a great client for our enlarged firm to serve. The synergies between RSM and Razzetto in terms of clients and services domestically, as well as the new opportunities internationally, are all very exciting to us.”
Jean Stephens, Chief Executive Officer of RSM, comments: “We are delighted to welcome the Razzetto team to the network. The strengths of the two firms are very complementary. Razzetto has a highly regarded tax practice in Argentina, with a strong pipeline of work. RSM Torrent has historically been a leader in accounting services, and the enlarged firm is serving both national and multinational businesses. The development of RSM in Latin America has been very encouraging over the past year.”
The RSM network has seen significant expansion in the past twelve months with the admission of member firms in Angola, Bangladesh, Chad, Croatia, Honduras, Iraq, Latvia, Mauritius, Nicaragua, Nigeria, Palestine, Serbia, Sweden, Vietnam and Zambia. In particular, overall revenues in Latin America grew 11% last year moving RSM from 11th to seventh place in the regional ranking.