The RSM International network has reported a 7.6%(1) rise in fee income, totalling $4.87bn (£3.9bn) for the year ending 31 December 2016. As published by the International Accounting Bulletin, RSM remains the 6th largest global network, and is also ranked 6th largest for Tax and Audit and Accounting service lines.
The strongest performing service area was consulting which grew by 8.1%, followed by tax services, at an increase of 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(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.
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.”
Following its successful global brand launch in late October 2015, RSM has reported a 20% increase in cross-border services to internationally-active middle market clients.
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.
(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.