Baker Tilly bought RSM Tenon, the former UK member firm of the RSM International network, last year, creating a combined firm of around 3,500 partners and staff and a combined annual fee income of over £300m.
BT says that this acquisition gave it the chance to “consider its international network membership options”, after which it felt RSM was “better aligned with Baker Tilly’s client needs and international growth aspirations.”
Baker Tilly will join its new network formally later this year after completing a notice period with RSM International. In this notice period BT will keep its name as it is, but after that will formally adopt the “global network name and corporate identity”.
However, it is not clear at the moment whether that will mean changing the firm’s name from Baker Tilly. The firm said it was still in discusions over both the timing and the form the new global name and brand will take in the UK.
Laurence Longe, Baker Tilly’s managing partner, said, “Membership in the dynamic global network of RSM will bring huge benefits to Baker Tilly and we believe it to be in the best interests of our clients, partners and staff. We are proud of the quality of our service delivery and our excellent client list and have full confidence that RSM member firms will help us deliver the services our expanding international client base requires.
"Our firm’s strategic vision fits perfectly with that of RSM and we are very pleased to be joining such a vibrant, forward-thinking network.”
RSM International is the seventh largest global accounting network; Baker Tilly International the eighth.
Jean Stephens, CEO of RSM International, said, “In reaching this decision, we have engaged in an in-depth mutual due diligence process. The Baker Tilly team has met with RSM members in Asia Pacific, Latin America, Europe, Africa and the US and it is clear there is a strong cultural fit and alignment in vision and purpose. I am delighted Baker Tilly will be joining the RSM network as our UK member firm. Their admission will be of significant benefit to clients of RSM member firms across the globe.”
In January, Baker Tilly International announced annual revenues for the year to 30 June 2013 – up 3%.The overall figure – $3.4bn (£2.06bn) – represents the combined revenues of BTI’s 161 independent member firms in 137 countries, largely driven by huge growth in its consultancy division.