Middle market specialists merge
Middle market accounting and advice specialists, Pitcher Partners Sydney and Moore Stephens, will merge later this year.
The two Sydney-based firms will official merge their practices from 31 October 2015, in a move that will see the group target revenues of $48 million for the 2016 financial year.
Current Moore Stephens managing director, Rob Southwell, has been named as the combined firm's managing director, who described the merger as "a game-changing event in the Sydney accounting space".
"This is a fantastic opportunity for our two firms and the benefits to our staff and clients will be significant," he said.
Pitcher Partners Sydney managing partner, Carl Millington, said the firm had been looking for a partner in the city for some time, but stressed that "the importance of cultural alignment and a shared vision are paramount - rather than growth for growth's sake".
While Pitcher Partners Association national chairman, Don Rankin, said the merger between the two firms in Sydney would strengthen its position in the market.
"The greater size and strength we will now have in Sydney will improve our competitiveness and provide a platform for growth," Rankin said.
"It will provide clients with a quality Australian firm with enormous depth that is focuses on the middle market."
AUTHOR
Nicholas O'Donoghue
Recommended for you
ASIC has issued infringement notices to two AFSLs over financial advisers providing personal advice while they were unregistered.
Australian retirees could increase their projected annual incomes by as much as 51 per cent through comprehensive financial advice, according to a Vanguard study, but cost continues to be an issue.
AMP has announced a senior appointment to its North leadership team, reinforcing the firm’s commitment to the advice industry.
Despite the financial adviser exam being rooted in ethics, two professional year advisers believe the lack of support and transparency from the regulator around the exam is unethical.
