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Business and Financial Advisory Services
This page includes content published by Monadnock Research related to firms providing business and financial advisory services, including: financial and risk assessments and due diligence; mergers, acquisitions, divestitures and alliances; transformations; and related consulting services.
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Consulting Firm Thought Leadership: Deloitte, E&Y, PwC, KPMG and BDO
Monadnock Research - 10 February 2012
Deloitte: Consumer spending index falls on sharp declines in the housing market; consumer spending to face economic headwinds in 2012. Disruptive innovation can help cash-strapped governments deliver more for less. Aging population - not the decline in economic activity - will be the long-term driver of public sector debt. Boards need to actively engage with the 'sustainability imperative'. Boards will need to adjust their strategies in light of the continued uncertainty in the economy. E&Y: 2011 year-end global IPO update. Global mergers and acquisitions decline 14% in Q4 2011. PwC: Brain Drain is Biggest Threat to T&L CEOs. Investors Look to Global Healthcare Market for Long-term Growth, Near-term Safe Haven. Threat of Recession Contains Risk of Further Bank Failures. Renewables M&A Hits New Record Highs. 80% of Global CEOs Concerned With Uncertain Economic Growth. PwC Launches 15th Global CEO Survey Results. Europe's economic crisis has left real estate investment and development on limbo - little relief expected in 2012. Digital banking to be the norm by 2015. Most Private Companies Expect Positive Growth, Majority Plan Upswing in Hiring. KPMG: Public sector fraud on the rise globally. Global Banking will look Fundamentally Different in 12 Months. Global Engineering and Construction Companies Adapting Quickly to Meet the Critical Demand for New Infrastructure. Emerging Markets Lead Social Media Adoption. Global Automotive Players Lack Clear View of the Future, but seem Certain about Electromobility and the 'Urbanized' Car by 2025. The case for statistical sampling in e-Discovery. BDO: Tech CFOs less optimistic about 2012 revenue growth. (645 words) . . . More
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Freddie Mac Consulting Contracts with Gingrich Group at Center of US Presidential Campaign Politics
Monadnock Research (Vol V, No 2) - 9 February 2012
The former consulting firm of US Republican Presidential candidate Newt Gingrich has released 1999 and 2006 contracts between Gingrich and US mortgage giant Freddie Mac (NYSE: FMCC). Gingrich relinquished ownership in his former consultancy in May 2010, after announcing his candidacy for US President. While Gingrich characterizes the work as strategy consulting, the Romney campaign has called it lobbying and influence peddling on behalf of Freddie Mac. Part of the scope of services in the 1999 agreement appears to support the Romney campaign's assertion. Research Note includes copies of the two agreements; a profile of the Gingrich Group; analysis of agreement terms; detail on fee structures; and potential impact of allegations against Gingrich, and by Gingrich against Romney's work at Bain and Bain Capital, on the presidential campaigns of the two former consulting firm leaders. (1,500 words) . . . More
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And in other news: AMCF, Deloitte, Empire Strategic Planning and Mercer
Monadnock Research - 8 February 2012
AMCF names finalists for its consulting project excellence awards. Deloitte and SAP court battle in California continues. Deloitte's former CEO, James Quigley, appointed trustee of IFRS Foundation. Deloitte enters strategic alliance with Salesforce.com. Former New York Senator and Empire Strategic Planning leader indicted for tax evasion and influence peddling. Mercer rebrands outside US as Mercer Marsh Benefits. (675 words) . . . More
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Segal Advisors Acquires Investment Advisory Firm, Rogerscasey
Monadnock Research - 3 February 2012
Segal Advisors has acquired Rogerscasey, a global investment solutions firm that serves institutional asset owners and others. Segal Advisors is an SEC-registered investment consulting subsidiary of the Segal Group. The combined entity, Segal Rogerscasey, has more than 325 clients with worldwide advisory assets of around $400 billion. The firm is privately held with headquarters in New York and offices in Atlanta, Boston, Chicago, Cleveland, Darien, Houston, Los Angeles, Toronto and Ireland. Rogerscasey Canada is also part of the transaction. (320 words) . . . More
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KPMG Acquires Thomson Reuters' Tax Managed Services Consultancy
Monadnock Research - 2 February 2012
KPMG has acquired the indirect tax compliance services business of Thomson Reuters Inc. (TRI). The business, TRI's ONESOURCE Indirect Tax Managed Services business, will become part of KPMG's Indirect Tax Compliance Services. That KPMG unit is part of the US firm's existing State and Local Tax (SALT) practice and its Global Indirect Tax Service offering provided by KPMG member firms throughout the world. KPMG says it will maintain an ongoing relationship with Thomson Reuters through the continued use of Thomson Reuters' underlying technology to power the US-based services. (620 words) . . . More
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Deloitte Onch Launches in Mongolia
Monadnock Research - 30 January 2012
Deloitte Touche Tohmatsu Limited (DTTL) has established a new member firm in Mongolia after reaching an agreement with Mongolian professional services firm Onch Audit. The new firm, Deloitte Onch LLC, will offer a full range of professional services in addition to audit, including consulting, financial advisory and tax to clients in Mongolia. Mongolia is one of the fastest-growing markets in the world, with significant untapped natural resources in gold, copper, coal, molybdenum, fluorspar, uranium, tin and tungsten. Deloitte Onch will continue to be led by its founder, Ms. Onchinsuren Dendevsambuu. (460 words) . . . More
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And in other news: Ernst & Young, Aon Hewitt, ECS and Navigant
Monadnock Research - 18 January 2012
Operational Risk & Regulation Magazine releases results of its 2011 consultancy rankings of the top 10 operational risk management consulting practices. Ernst & Young takes the top spot in anti-money laundering, corporate governance, regulation strategy, Basil II and III, treating customers fairly, fraud and financial crime prevention, and enterprise-wide compliance and risk management strategy. Aon Hewitt signs agreement with Birches Group to remarket compensation surveys. ECS acquires Paradigm Technologies. Navigant shareholder sues, claiming excessive executive compensation. (753 words) . . . More
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BDO Wins Arkansas Supreme Court Appeal to Arbitrate Fraud Allegations
Monadnock Research (Vol V, No 1) - 14 January 2012
BDO Seidman has won an appeal against Straits Steel & Wire, forcing the client's allegations of fraud to be heard by arbitrators and not the courts. The Arkansas Supreme Court decision reverses a ruling of the Sebastian County Circuit Court, which had denied a motion by BDO to compel arbitration against Straits Steel & Wire, Co. and its affiliates. The case involves tax consulting services and allegedly fraudulent tax shelters. BDO successfully argued on appeal that the circuit court erred in denying arbitration because it was the dispute resolution mechanism of choice in agreements signed by the parties. SSW attempted to get around the dispute resolution choice by claiming unconscionability of the alleged fraud. SSW claims breach of fiduciary duty, negligence and professional malpractice, negligent misrepresentation, disgorgement of excessive and illegal fees, fraudulent inducement, fraudulent concealment, fraud, civil conspiracy and breach of contract. Research Note includes Arkansas Supreme Court ruling and MR perspective on the inherent system bias of arbitration clauses in consulting agreements. (1,375 words) . . . More
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Deloitte Acquires Mobile Agency, Ubermind
Monadnock Research - 6 January 2012
Deloitte has closed a transaction acquiring Seattle-based mobile strategy, engineering, design and creative talent consultancy Ubermind. Deloitte says Ubermind works with companies to transform the way they use and present their brand through mobile devices, employing disruptive technologies to create mobile applications designed to both strengthen brand and transform the business. The transaction also brings to Deloitte a portfolio of proprietary frameworks and methodologies that are customized to the mobile development lifecycle. Ubermind CEO Shehryar Khan and company founder Donald Brady will join Deloitte Consulting as principals. (295 words) . . . More
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Salibello and Broder Merge Audit and Advisory Practice into BDO USA
Monadnock Research - 5 January 2012
BDO USA as merged Salibello & Broder into the firm's New York and Los Angeles practices. Six direct entry partners will join the firm, along with about 60 other professionals and support staff. Salibello & Broder was founded in 1978 and is a full-service accounting, tax and business advisory firm serving commercial and public service clients, The firm is a leading servicer of employee benefit plans, entertainment, apparel and high-net-worth clients throughout the US. Salibello & Broder's fifty-seven staff members are based in New York and eight in Los Angeles. Those individuals will relocate to BDO facilities in the coming year. (340 words) . . . More
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KPMG Advisory Practice Grows 2.5 Times Faster than Audit in 2011; $2 Billion Management Consulting Business Up 29%
Monadnock Research (Vol IV, No 44) - 22 Dec 2011
MR - KPMG International's advisory practices grew at 14.76% in fiscal 2011, for the period ended 30 September. That was 256.7% faster than the firm's global audit businesses grew. KPMG says its global management consulting practices had fiscal 2011 revenue growth of 29% in US dollars and 24% in local currency terms. KPMG has built its $2 billion management consulting business in just six years. Its acquisition of EquaTerra in 2011 dramatically increased the firm's outsourcing and shared services advisory practice. Revenues increased across each of KPMG's geographic regions. Asia Pacific growth was 16.6% in US dollars. Americas revenues were up 10.7%. Europe, Middle East and Africa, including India, increased by 7.7%. Much of the geographic expansion occurred in high growth markets. India was up 25% and Brazil 22% in local currency terms. Research Note includes 1 graphic and MR perspective on Big Four divestitures of advisory operations. (815 words) . . . More
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Expert Network Consultant Sentenced to 40 Months for Insider Trading Scheme
Monadnock Research - 21 December 2011
James Fleishman, a sales manager at expert network consultancy Primary Global Research (PGR), was sentenced in Manhattan Federal Court to 30 months in prison for his role in an insider trading scheme. Fleishman was found guilty of helping pass inside information about publicly traded companies to executives at several hedge funds so they could trade ahead of its public release. He had been convicted on 20 September 2011 after a three-week trial. Fleishman, 42, of Santa Clara, California, was also sentenced to two years of supervised release in addition to his prison term. (355 words) . . . More
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Monadnock Research Publishes Compilation of 2011 Consulting & Advisory Services Rate Research
Monadnock Research (Vol IV, No 42) - 3 Dec 2011
This report (2011 Consulting and Advisory Services Rates - Vol IV, No 42) provides the Monadnock Research analysis of consulting rates from a series of comprehensive studies on negotiated client rates from organizations across a number of industries. Rates have been analyzed and presented across the entire range of consulting practice areas, including: Strategy, Operations, Human Capital, Information Technology, and Financial, Transaction and Risk Advisory. "We thank the many client organizations that made this series of consulting rate research possible," said Mark O'Connor, Monadnock Research CEO and Cofounder. "We believe that the analysis presented in this research report, and that of the previously published practice area reports, represents the most comprehensive study of consulting and advisory services rates ever published." The report is more than 225 pages in length, with over 190 charts and tables. For clients that have purchased individual practice area reports published throughout 2011, this report contains full detail for each of those reports. More information, including a detailed table of contents, can be reviewed on the report summary page: http://www.monadnockresearch.net/products/item54.cfm (460 words) . . . More
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P&G Awards Ernst & Young and Infosys for Supplier Excellence
Monadnock Research - 10 November 2011
MR - P&G conferred its highest supplier honor, Business Partner of the Year, upon Ernst & Young, Infosys, and 10 other companies for 2011. E&Y was honored for its non-audit advisory work. P&G has more than 75,000 suppliers globally. This year under 1% of its partners were among those selected for awards. Business partners consistently performing at high levels within P&G's internal performance management system earned an Excellence Award. A total of 86 external partners were recognized this year. Beyond Business Partner of the Year recipients Ernst & Young and Infosys, 12 firms providing consulting services as part of their offering were also 2011 Excellence Award recipients. (450 words) . . . More
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KPMG Completes Acquisition of Optimum Solutions
Monadnock Research - 20 October 2011
MR - KPMG has completed its acquisition of Optimum Solutions, a leading provider of management consulting and implementation services for Oracle's enterprise software. KPMG says the Optimum acquisition strengthens its Oracle consulting business, helping clients use technology to transform key operations such as human capital management (HCM), finance and accounting, business intelligence and supply chain management. (730 words) . . . More
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PricewaterhouseCoopers Regains Largest Professional Services Firm Title, Fueled by 20 Percent Advisory Business Growth
Monadnock Research (Vol IV No 35) - 8 October 2011
MR - PricewaterhouseCoopers (PwC) has taken back the largest global professional services firm title from Deloitte. Revenues for PwC's Advisory businesses grew by 20% in F-2011, to $7.5 billion. Growth was driven by the consulting, particularly in the US, and inorganic growth through a series of strategic acquisitions that included management consultancy, Diamond. Statutory audit services now represent just 40% of PwC's total revenues. The PwC network reported total gross revenues of $29.2 billion in fiscal 2011, ended 30 June. That's an increase of 10% over fiscal 2010 - 8% in constant currency. The increase was the strongest growth in revenues since 2008. Headcount grew to around 169,000 in the period. PwC had revenue increases in all regions. Asia rose by 14%, Australasia by 38%, and the Middle East and Africa by 20%. The firm returned to growth in the Americas with North American revenues increasing by 10%, and South and Central America doubling last year's growth to 23%. Growth was less in Western Europe at 4%, and Central and Eastern Europe at 7%. Revenue figures are gross and include expenses billed to clients. (880 words) . . . More
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Global First-to-File Patent System Harmonization: Consulting Implications of "America Invents Act"
Monadnock Research (Vol IV, No 34) - 7 October 201
MR - The US "Leahy-Smith America Invents Act", H.R. 1249, was passed by the US Congress and Senate, and became law on 16 September 2011. The legislation harmonizes the first-to-file (FtF) patent systems of the world's largest economies, and at first glance poses little downside for the largest global corporations. It promises to be a revenue windfall for the US government at a time when it has never needed it more, as its US Patent and Trademark Office (USPTO) gears up for the onslaught of new filings. We believe, however, the implications of this shift from First-to-Invent to FtF will be profound. This Research Note discusses the impact on demand for consulting services; practice areas most affected; arguments for and against the legislation; global implications; and organizational sponsors. (2,335 words) . . . More
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KPMG Acquires UK Strategic IT Advisory, Xantus
Monadnock Research - 5 October 2011
MR - KPMG has acquired Xantus, a leading UK-based IT strategic advisory services firm. Xantus' services span the range of strategic and operational change including IT due diligence, market assessment, IT strategies and sourcing solutions, operating model design and expert program delivery. The deal expands KPMG's advisory capabilities, particularly at the Board and CIO levels. (430 words) . . . More
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KPMG Agrees to Buy Oracle Enterprise Applications Consultancy, Optimum Solutions
Monadnock Research - 29 September 2011
MR - KPMG has agreed to acquire Optimum Solutions, an Oracle application and software infrastructure consultancy, to strengthen the firm's ability to help clients leverage technology to transform key operations, including human capital management (HCM), finance and accounting, business intelligence and supply chain management. The deal is expected to be concluded sometime in the fall. Founded in 1999 and based in San Francisco, Optimum provides management consulting and implementation services for clients utilizing Oracle enterprise applications and infrastructure software. (470 words) . . . More
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Deloitte Announces Record Fiscal 2011 Revenues; Consulting Proportion of Business Continues to Grow Rapidly
Monadnock Research (Vol IV, No 31) - 23 Sept 2011
MR - Deloitte has announced fiscal 2011 aggregate member firm revenues of $28.8 billion for the year ended 31 May. It was the highest revenue ever recorded by Deloitte's global member firm network. The functional areas leading Deloitte's growth were financial advisory and consulting, which grew 15.1% and 14.9%, respectively. That compares to the audit and enterprise risk services segment that grew by 4.7%, and tax services, which grew at a 5.2% rate. Consulting growth was driven largely by implementation services. Growth areas include integration of regulatory knowledge with strategy, technology, and human capital skills, and post-merger integration, with strong growth in financial services. Financial advisory expansion was fueled by growth in valuation, restructuring, forensic services, analytics, and M&A transaction services driven by investments in emerging markets that included China, India and Brazil. Aggregate revenues grew 8.4% in US dollars and 7.7% in local currency -- the strongest revenue increase since 2008. Compound aggregate growth for 2005-2011 was 8%. Deloitte hired 49,000 professionals and exceeded headcount expectations, adding a net 12,000 jobs globally. Its total professional workforce is now 182,000 globally, and its total workforce is expected to grow to 250,000 professionals by fiscal 2015. Research Note includes MR perspective on the growing proportion of consulting to audit services. (3 charts and tables, 1,280 words) . . . More
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2011 Operations Consulting Rates
Monadnock Research (Vol IV, No 30) - 23 Sept 2011
This study presents an analysis of operations consulting rate structures for clients across a number of industries, including manufacturing, healthcare, pharmaceuticals, biotech, high tech, communications, energy, financial services, public services, and metals and mining. More than 85 percent of the rate structures were from global entities, and all were from organizations that fall within the 1,000 largest global organizations. Rates from 75 firms were analyzed across the operations consulting category, including a total of 126 firm-rate structures. This report presents statistics across 15 professional classifications, including a percentile analysis for each labor class. Rates from firms that were a subject of this analysis for the operations consulting rate category included: Accenture, ADL, A.T. Kearney, Bain, BCG, Booz&Co, Capgemini, Celerant, CSC, Deloitte, Huron, IBM, McKinsey, PA Consulting, PRTM, and PwC. Research Note includes 5 graphics and 15 tables - 8,000 words. . . . More
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IHS Signs Strategic Alliance with Deloitte
Monadnock Research - 23 Sept 2011
MR - IHS has entered into a strategic alliance with Deloitte Consulting to leverage what the firms say are combined organizational strengths, providing content, software, analytics and services to help clients address a variety of business priorities. IHS is a leading global provider of research and statistical information, including country and industry forecasting, commodity statistics, pricing and cost data. The companies will work together initially to develop and offer services and solutions to customers in the oil and gas, utilities, metals and mining, aerospace and defense, chemicals, manufacturing and government sectors. (650 words) . . . More
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KPMG Canada Acquires Berris Mangan
Monadnock Research - 6 Sept 2011
MR - KPMG LLP (Canada) has acquired Berris Mangan, a leading mid-sized Vancouver accounting and advisory services firm. Berris Mangan will be integrated within the KPMG Enterprise practice, which specializes in serving private companies and entrepreneurs. KPMG says this acquisition will further solidify its position as a leading accounting and advisory services firm in the Greater Vancouver area. Berris Mangan represents the latest in a number of acquisitions for KPMG Canada, which will help the firm develop an even greater focus on client service excellence in a growing market. (505 words) . . . More
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PwC Completes Acquisition of PRTM
Monadnock Research - 22 August 2011
MR - PricewaterhouseCoopers (PwC) has completed its acquisition of management consultancy PRTM. PwC says the addition of PRTM's experience in strategy, supply chain, product development, customer value management and business model innovation will strengthen and support its commitment to deliver a full range of consulting services from strategy through execution. More than 700 consultants joined PwC's global advisory practice in the transaction, including 124 principals. Over two-thirds of PRTM's professionals are located in the U.S., with the remainder in the U.K., France, Germany, the Nordics, the UAE, India, China and Japan. See our Research Note (Vol IV, No 18 - 24 June 2011) for Monadnock Research perspective on the transaction. (480 words) . . . More
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MFR Spins-Off Public Sector and Healthcare Consulting Practice
Monadnock Research - 9 August 2011
MR - MFR, P.C., a Houston, Texas-based audit and business advisory services firm, has spun off its public sector and healthcare consulting practice. The advisory services firm will become a separate, but affiliated, firm called MFR Solutions, Inc. MFR says the move is to structure its operation consistent with the operating models of larger audit firms, and will allow the consulting practice more flexibility and better positioning to serve its public sector and healthcare clients. Roland Rodriguez has been appointed Managing Principal of the new entity. (280 words) . . . More
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Consulting Leadership News: Ernst & Young, KPMG, Accenture, Capgemini, PwC, NERA, Deloitte, BearingPoint, Navigant, and BCG
Monadnock Research - 29 July 2011
MR - Ernst & Young announces 548 new partners worldwide; Appoints Herb Engert as the new Americas Leader of Strategic Growth Markets. KPMG International Chairman-elect, Michael Andrew, appoints global leadership team. Accenture names Paul Daugherty as Chief Technology Architect and Gavin Michael Chief Technology Innovation Officer. Accenture has also named Jorge Benitez managing director -- North America and Chief Executive. Capgemini will train 1,500 architects and developers globally on the Windows Asure cloud platform to support new partnership. Aon Appoints Greg Besio as Chief Human Resources Officer. BCG named former ING Group COO, Thomas J. McInerney, as Senior Advisor. PwC US Appoints Robert W. McCutcheon as New Industrial Products. Leader. Energy Expert Scott Bloomberg Joins NERA Economic Consulting. BearingPoint appoints 6 new Partners. Deloitte appoints Chris Harrop to lead nuclear capital programs. Navigant appoints William Hardin within Disputes & Investigations practice. Navigant appoints William Hardin within Disputes & Investigations practice; Adam Borison, PhD, has joined the firm's Energy Practice as a Director; Names Adam Borison, PhD, as Energy Practice Director (4,800 words) . . . More
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Jordan Affiliate Joins KPMG Europe
Monadnock Research - 18 July 2011
MR - KPMG Jordan has joined KPMG Europe LLP, bringing Europe's participating member firm countries to eighteen. Members now include KPMG's affiliates in Armenia, Belgium, Georgia, Germany, Jordon, Kazakhstan, Kuwait, Kyrgyzstan, Luxembourg, the Netherlands, Norway, Russia, Saudi Arabia, Spain, Switzerland, Turkey, the Ukraine, and the UK. KPMG Europe now has more than 30,000 partners and staff, and serves clients from 120 offices. The operation had total revenues of 4.7 billion euros in the most recent fiscal year. In that same period, the KPMG EMEA operation had just under 71,000 staff and revenues of 7.49 billion euros. That translates to the KPMG Europe operation representing around 42% of EMEA staff and 62.8% of revenues.(340 words) . . . More
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EC Commissioner Barnier Considers Prohibiting Auditors from Offering Consulting
Monadnock Research (Vol IV, N 21) - 1 July 2011
MR The EC Commissioner for Internal Market and Services, Michel Barnier, addressed a conference of the Federation of European Accountants on 30 June, and advocated for a number of auditor regulatory changes that could include a total ban on audit firms providing consulting services and mandated rotation of auditors. Barnier is the EC official responsible for the Internal Market and Services Directorate General and Office for Harmonization in the Internal Market. Speaking before the federation of European CPA's Barnier intimated that he believes the regulatory environment for auditors in Europe is deeply flawed and in need of reform. He proposes the EC focus on: auditor independence issues; opening of the audit services market; and a more integrated European auditor regulatory and certification environment. The issue of auditors offering consulting and advisory services was addressed in his remarks. He believes that a key factor that fuels excessive familiarity between auditors and their clients lies in providing too many consulting and non-audit advisory services. Barnier asks, "How can we view an auditor as independent when the firm also advises the client in the area of strategy?" Research Note includes translation and interpretation of key points from speech associated with consulting. (865 words) . . . More
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Mercer and Callan Complete Purchase of Evaluation Associates from Milliman
Monadnock Research - 30 June 2011
MR Mercer Investment Consulting has completed its acquisition of portions of Evaluation Associates, LLC, from Milliman, Inc., effective 30 June. In a related transaction, Callan Associates has acquired Evaluation Associates' public sector investment consulting business. Mercer says Evaluation Associates' work for financial intermediaries further strengthens its wealth management strategy and complements the capabilities brought to Mercer by Hammond Associates, acquired earlier this year. (414 words) . . . More
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PRTM to be Acquired by PwC
Monadnock Research (Vol. IV, No. 18) - 24 June 201
MR - PwC has entered into a definitive merger agreement where it will acquire privately held PRTM, a global operations management and strategy consulting firm based in metro Boston. Assuming the transaction is successfully concluded, PRTM will join PwC's global Advisory practice. Much like the Diamond transaction, any acquisition faces unique challenges for a firm like PwC given its role as an auditor for many of the world's largest organizations. Clients must choose whether PwC's client work as an auditor or as a consultant and advisor is more important strategically. And this is a decision that PwC may have a different opinion on as it once again expands its advisory capabilities and pursues more sources of higher margin consulting and advisory work. PRTM does minimal work in financial services, so there is limited exposure there. This Research Note includes MR perspective and discusses many of the potential challenges. PwC expects the deal to close late summer, subject to customary closing conditions. (1,080 words) . . . More
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