GGI held on to its ranking in the annual list of top accounting associations and alliances from AccountancyAge.
The 2016 AccountancyAge Survey of 40 International Accountancy Networks, Associations & Alliances firmly positions GGI Geneva Group International (GGI) number one in the world with combined annual firm revenues of US$ 5.056 BN.As the biggest global multidisciplinary alliance a total professional staff of 26,386 takes care of the accounting, legal, taxation and consulting matters of its growing international clientele. The report of Accountancy Age comments that member firms of participating groups generated more than $189bn in fees. That compares with last year’s survey total of $185bn, a modest 2% increase.
A current wave of movement between groups can be viewed. Many mergers are in progress or associations have recently merged, such as could be seen with KS International and Morison International, two similar sized associations, which came together to form MorisonKSI. This merger came about as the direct result of Morison losing its UK member firm.
However, while such mergers will continue to change the marketplace, not everyone necessarily sees them as a good idea. As Michael Reiss von Filski, global CEO of GGI says: “The challenge with mergers is that you have to take the whole package, which means that often enough networks or organisations merging cannot ensure the quality level they want. Additionally, mergers cause important overlaps in various cities and indeed some members decide to leave the “new” network or association.” However, he adds that there will still probably be more attempts by networks and associations to join forces ‘to achieve a higher business volume and higher rankings’.
You can read the full article from Accountancy Age here.