- RSM reports 7.6%(1) fee income growth in 2016, after its first full year operating as a unified, global brand
- 20% increase in cross-border services to internationally-active middle market clients
Leading audit, tax and consulting network, RSM, has reported growth in global fee income of 7.6% for the year ending 31 December 2016(1). Total fee income for the period increased to US$4.87billion.
Following its successful global brand launch in late October 2015, RSM firms around the world have used the past year to embed and strengthen the RSM brand in their national markets, focusing on a unified vision to be the provider of choice to middle market businesses worldwide. A single, consistent and identifiable brand has significantly raised the profile of RSM’s global capability and scale, resulting in a 20% increase in cross-border referrals.
The strongest performing service area was consulting which increased by 8.1%, followed by tax services at an increase of 7.5%. RSM’s talent base also grew significantly in 2016, with a staff increase of 8% across the network, totalling more than 41,420 people working across 793 offices. The number of partners grew by 5% while the number of professional personnel increased by 10%.
Over 70% of RSM firms reported growth in 2016(2), with fee income showing growth across all regions(1): 19% in Sub-Saharan Africa, 7% in MENA, 7% in North America, 8% in Asia Pacific, 8% in Europe, 21% in Latin America.
2016 was a year of transition for RSM firms resulting in steady progress across all service lines and the further development of global initiatives. These promising results highlight the strength of the network’s global strategy – focusing on greater collaboration, unification and long-terms plans for sustainable growth.
Jean Stephens, CEO of RSM International, comments:
“RSM delivered confident growth throughout 2016, despite uncertainty in the global economic and financial landscape. Our global brand and increased resource and expertise sharing, coupled with further system and process integration, means clients are able to utilise the strength of the whole global network wherever in the world they have chosen to engage with us.”
“2017 presents many challenges for middle market businesses: fluctuating exchange rates, cash flow issues, devaluations, and an uncertain economic and political climate, both locally and globally, to name just a few.”
“Clients need trusted support to realise new opportunities, with advice and insights from an adviser that has a deep understanding of their particular business environment. We have seen an increasing number of international, dynamic middle market businesses choosing to work with RSM. Delivering on our client promise of ‘The Power of Being Understood’ will be more pertinent than ever in 2017.”
Since January 2016, RSM has expanded its geographical coverage, welcoming partners and staff in seven new countries across Africa, Asia Pacific, Europe and Latin America. Mergers have taken place in Spain, Mexico and Denmark and the UK, augmenting client service scale and expertise in these countries.
Notes to Editors:
(1)To take account of currency fluctuations, global fee income growth percentage figures have been calculated using the average exchange rate between 29.11.15 and 28.11.16 (as supplied by the International Accounting Bulletin) and applied to both 2015 and 2016 fee income totals.
(2) Measured using local currency
For further information, please contact:
Gillian Hawkes Kate Fox
RSM Hill + Knowlton Strategies
+44 (0)20 7601 1092 +44 (0)20 7413 3703
RSM is the sixth largest network of independent audit, tax and consulting firms, encompassing 123 countries, 860 offices and more than 51,000 people internationally. The network’s total fee income is US$7.26 billion.
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