BDO USA expands Advisory Practice with addition of AC Lordi

BDO USA LLP, one of the nations leading accounting and advisory firms, today announced the expansion of its Philadelphia practice through the addition of 100 professionals from Philadelphia area-based management consulting firm AC Lordi. The addition enhances BDOs advisory offerings and strengthens BDOs local foothold in the Philadelphia region.

Founded in 2001, AC Lordi specialises in accounting, risk and compliance, business advisory and CFO services. The firms practice areas include SEC reporting, technical accounting, internal and IT audit, SOX compliance and finance transformation, among others. The firm has performed work throughout the U.S. and in more than twenty countries for a broad range of clients, from emerging private equity-sponsored companies to multinational organisations across most major industries.

BDO and AC Lordi are united in our commitment to providing exceptional client service and a holistic, solutions-oriented approach to complex business problems, said Jay Duke, national managing partner of Advisory Services at BDO USA. This expansion builds on our advisory capabilities in the Philadelphia market with an infusion of top-notch local talent and deep industry experience.

Subject to customary closing conditions, the combination of BDO and AC Lordi will be effective June 1, 2019. Upon completion of the transaction, AC Lordi CEO Frank Lordi along with the firms six other principals will become BDO partners.

We are thrilled to combine forces with BDO and increase the breadth and depth of services we can offer to our clients, said Lordi. As part of such a high-caliber advisory practice, we can take advantage of BDOs resources and relationships nationally and around the world. In turn, our team will deepen BDOs management consulting and regulatory compliance credentials in addition to strengthening its presence in the mid-Atlantic region. We are stronger together than apart.

BDO Facts:

  • Over the past six years, BDO USAs cumulative growth rate has far outpaced all other major U.S. accounting firms, with revenues more than doubling from $618 million in 2012 to $1.47 billion in 2018. During that time, BDO entered 24 new U.S. cities and expanded its critical mass in 13 existing markets.
  • BDO represents companies ranging from closely-held private businesses to leading non-profits to Fortune 500 multinationals.
  • BDO USA has industry practices specialised in serving businesses in the construction, energy, financial institutions, asset management, government contracting, healthcare, insurance, manufacturing, non-profit, private equity, real estate, hospitality, retail and technology sectors.
  • BDO has been named a Best Company by Working Mother Magazine for eight consecutive years and been recognised with the When Work Works Award for Business Excellence in Workplace Flexibility for nine consecutive years.
  • BDO has more than 60 offices and more than 650 independent alliance firm locations around the country.
  • BDO USA has been serving clients for more than 100 years since its founding in 1910 (as Seidman & Seidman).
  • As an independent member of BDO International Limited, the firm can leverage the resources of more than 80,000 people in more than 1,590 offices across 162 countries.

About BDO USA

BDO is the brand name for BDO USA LLP, a U.S. professional services firm providing assurance, tax, and advisory services to a wide range of publicly traded and privately held companies. For more than 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals. The firm serves clients through more than 60 offices and over 650 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multi-national clients through a global network of more than 80,000 people working out of 1,590 offices across 162 countries.

BDO USA LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.

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Arc Legal expands Corporate team with new hire

Arc Legal Assistance (Arc Legal), a leading provider of legal expenses insurance (LEI) and assistance services provider in the UK and Republic of Ireland, has welcomed Kerry Knief as its new Senior Corporate Relations Manager.

Kerry joins Arc Legal with over twenty years’ experience in the insurance industry having previously worked for AXA Partners as a Senior Account Manager, managing key strategic clients, specialising in ancillary products.

Kerry’s new role will involve managing existing corporate relationships, with a focus on identifying growth opportunities with partners across Arc Legal’s ancillary product range.

Chief Commercial Officer, Peter Harvey commented;

“Further growth has prompted us to bolster our Corporate Relations team, and Kerry’s knowledge and experience in the ancillary products market makes her a great fit for us.”

“Kerry has a wealth of experience in the industry, and her appointment will help to ensure we continue to meet our growth ambitions for 2019 and beyond. She has a fantastic reputation in the industry and we are delighted to have her on board.”

Kerry Knief, Commented;

“I am very excited to be able to join the team here at Arc Legal, especially during this exciting period of continued growth and expansion. I am looking forward to hitting the ground running and contributing towards the continued success of the business.”

For more information about Arc Legal Assistance, please visit https://www.arclegal.co.uk/

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DLA Piper Expands in Denmark

DLA Piper’s international expansion has continued apace, following the announcement that the firm is to integrate Danish firm DELACOUR into its global network.

DELACOUR specializes in corporate law, commercial work and litigation, with its addition leaving DLA Piper with over 200 lawyers in Denmark across offices in Copenhagen and Aarhus. The news follows on from the firm’s earlier foray into the Danish market in May 2017, with its addition of LETT. The firm is currently the largest law firm in the Nordic region, with over 800 employees in Denmark, Finland, Norway and Sweden.

“Both firms hold strong positions in the Danish market. This integration is an obvious strategic and commercial match which brings clients in Denmark unrivalled access to local specialists, as well DLA Piper’s truly global network of lawyers,” said Martin Lavesen, the DLA Piper’s managing partner for Denmark.

Andrew Darwin, the firm’s cochair, added: We have had a longstanding commitment to the Nordics going back almost twenty years and we recognized the opportunity to be the only global law firm with a truly pan-Nordic presence. We achieved that vision when we integrated with LETT in May 2017 and, following a great response from our clients in the region and internationally, our Nordic business has gone from strength to strength. Since entering the Danish market we have seen significant interest from local practitioners and firms in internationalizing and regionalizing their businesses and with the addition of DELACOUR we will continue to be the leading global business law firm in Denmark and the Nordic region.”

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Revealed: Germany’s Berenberg targets UK expansion amid M&A boom

Germany-based investment bank Berenberg is one City firm taking Brexit in its stride.

The Hamburg firm, the world’s oldest merchant bank having been founded in 1590, has grown its Square Mile office from 70 to 350 people in the last eight years.

It expects to add up to 100 more London staff over the next 18 months as it targets work on an expected UK boom in corporate takeovers and an anticipated spike in demand for equities analysis after a recent EU regulatory overhaul.

“The partners back at our headquarters in Hamburg have been relaxed both pre- and post-referendum about Brexit,” said Dave Mortlock, head of Berenberg’s London office.

“We have our plan [to grow in the UK] and will look to deliver on that.”

Mr Mortlock said the firm’s existing operations in Germany, from which it can continue to trade across the EU bloc regardless of the outcome of Brexit trade negotiations, meant there was “no obvious reason for us to reshape at all”.

“If other firms leave, we have the opportunity to attract their best talent,” he added.

His comments strike a contrast with other overseas banks in the City, many of which – including Goldman Sachs, JP Morgan and UBS – have said they will downsize due to Brexit.

Mr Mortlock said Berenberg’s London office would look to more than double the amount of corporate deals it advises on from 17 last year to 50 this year.

Global dealmaking has enjoyed its strongest start to a year in almost two decades, with the value of targeted deals in the UK jumping a third on last year to $21bn (£14.9bn), latest statistics from Dealogic revealed this weekend.

The lion’s share of Berenberg’s work in London is in equities analysis. Mr Mortlock said a recent move by the EU to tighten regulation in this market, called Mifid II, had so far increased demand for its analysis.

Under the changes analysts must explicitly charge customers for their advice, rather than bundling it up with other services.

Mr Mortlock said: “This is a fundamental change for the industry. It’s a challenge and it will take capacity out of the market. But I’m satisfied those that commit like us will get out of it in good shape.”

In full-year results for 2017 Berenberg posted a 69pc rise in equities revenue to €240m (£212m), while its overall staff numbers increased by 70 to 1,576.

Net profits were down 44pc to €90m, although the bank said the previous year’s results were skewed by a one-off gain on the sale of its share in Frankfurt-based investment company Universal Investment.

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Gide launches Iran offering through Gibson Dunn hire

French firm Gide has opened an office in Iran, joining a small handful of international firms to launch in the region.

The office in Tehran will be led by former Gibson Dunn & Crutcher regulatory counsel Mehrnoosh Aryanpour. She joined the French firm as a partner in January ahead of its Iran launch. Read more