The RSM international network has reported a 7.6% rise in fee income, totalling $4.87bn (£3.9bn) for the year ending 31 December 2016, its first full year operating as a unified, global network brand
The strongest performing service area was consulting which grew by 8.1%, followed by tax services, which is up 7.5%. RSM also reported a staff increase of 8% across the network, totalling more than 41,420 people working across 793 offices. The number of partners rose 5%, while the number of professional personnel increased by 10%.
Over 70% of RSM firms reported growth in 2016, with fee income showing growth across all regions, led by Latin American (21%) and Sub-Saharan Africa (19%). Growth rates in the network’s more established markets were lower, at 8% in Asia Pacific, 8% in Europe, 7% in North America, and 7% in Middle East and North Africa (MENA).
Jean Stephens, CEO of RSM International, said: ‘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.’
RSM launched as a global brand in late October 2015, and the network says having a single, consistent and identifiable brand has resulted in a 20% increase in cross-border referrals.
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, which the network said has augmented client service scale and expertise in these countries. In January this year RSM UK merged with the RSM practice in Northern Ireland (formerly RSM McClure Watters).
Rival network Baker Tilly International announced earlier this week posted 6.2% growth in the year to 31 December 2016, taking $3.24bn in fees.