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What's Happening? - EY

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Please see below selected recent intelligence about EY.


July-August-September 2016







June 2016


  • EY launches legal offering in Chile and Argentina and hired a partner from Norton Rose Fulbright in Toronto to lead its Canadian business law team. The accountant has hired Jorge Garnier from Argentine power company Genneia, where he was senior legal counsel, as an executive director to build a team focusing on corporate law. 









May 2016










April 2016





  • EY announced the launch of its in-house Americas Tax Innovation Foundry, a new services and business accelerator within EY responsible for furthering the next generation of tax services EY firms offer clients. The group will be led by Chirag Patel, who recently joined Ernst & Young LLP along with a core team from Highnote Foundry, a business accelerator and venture capital firm that provided entrepreneur-led business building services to startups and Fortune 500 companies in several complex and rapidly changing industries. Specifically, the EY Americas Tax Innovation Foundry will provide EY firms in the Americas with a systematic approach to address the disruptive forces affecting their clients' tax liability and functions.



  • EY increased its paid parental leave policy for new parents to 16 weeks, up from 12 weeks, starting in July. The new parental leave policy is available to men and women welcoming a child through birth, adoption, surrogacy, foster care or legal guardianship. On average, nearly 1,200 EY people in the US, half of which are men, take paid parental leave each year. EY's current US policy offers 12 weeks for new birth mothers and six weeks for dads and adoptive parents. The new policy means EY is the first of the Big Four to equalise parental leave benefits for men and women.









  • EY published a weighty tome of global insights on FinTech - the recent edition of its Journal of Financial Perspectives runs to 180 pages, covering a wide range of topics including blockchain, regulation and wealth advice. One of the articles takes an in depth look at the key issues of trust & identity in financial services, and the potential impact of the blockchain. It is based around the results of the InterChainZ research project which looked at potential uses for distributed ledgers.



  • EY appointed James Lloyd (ex-AMP & Deloitte) as its fintech leader for the Asia-Pacific region. EY said Lloyd’s appointment (based in Hong Kong) is in line with EY’s global strategy to strengthen its FinTech advisory capability in response to the rapidly growing opportunities presented by new financial technologies and processes. EY’s Asia-Pacific Banking Leader Jan Bellens commented, “James’ background and experience are an excellent fit for us as he has not only worked with start-ups and FinTechs across Asia and Europe, but he has also worked with traditional financial institutions to transform their processes in order to better serve small businesses. This unique blend of first-hand knowledge across the whole spectrum of the financial services industry will be a key asset to EY’s advisory offering to our clients.”




March 2016













  • Business immigration firm Egan LLP and tax law firm Couzin Taylor LLP – both award-winning boutique law firms affiliated with EY in Canada – merged to form EY Law LLP. EY Law LLP’s broad range of legal services includes:Tax law services - assistance with tax planning, controversy and counsel services; Business immigration services - help with immigration matters, including work permit processing, temporary resident visa processing, permanent residence applications and business visitor entries in Canada and the United States and Business law services – support with corporate re-organisations, acquisitions, mergers, and corporate secretarial services.






February 2016







  • EY announced its global Analytics-as-a-Service (AaaS) platform, EY Synapse, to accelerate the delivery of analytics-driven insights that businesses can use to compete and operate more effectively. The EY Synapse platform expands EY's analytics managed services capabilities with a flexible technology architecture and framework for clients worldwide. It enables organisations to operationalise analytics-driven insights more quickly and more cost effectively across multiple locations or geographies and combines market-leading and proprietary technologies, advanced analytics capabilities, EY-developed intellectual property analytics assets and deep industry sector knowledge. In addition, EY can help clients with the behavioural alignment required to derive and sustain value by addressing the "human factors" related to organisational changes - such as company culture, organisational processes, and the skills, training, and internal communications and incentives required to drive and sustain value from data analytics.





  • In the UK, for the first time, EY pushed KPMG out of the number three slot in the annual Accountancy Top 75 accounting firms survey, hitting annual fee income of £2.01 billion while the top 75 firms in the UK generated a record £12.8 billion in revenues. Annual fee income at the top 75 firms in the UK topped £12.8 billion in 2015, up 7% on 2014 from £11.9 billion, as a flurry of mergers and acquisitions strengthened the leading accounting practices.





January 2016







  • EY reportedly appointed five new partners to its fast growing UK and Ireland fraud investigation & dispute services team, in anticipation of revenue topping £100 million this year.





  • EY awarded US$1m to the winners of its new global recognition programme, 'Better begins with you', which recognises EY people who have found inspiring and impactful ways to bring EY’s purpose – building a better working world – to life. Uniquely for a programme of this sort, claimed EY, the recognition is just the start. Five winners in four categories will receive US$1m between them to further develop the initiatives they are being recognised for.




December 2015












November 2015














October 2015











  • A key cybersecurity partner of EY, US-based iSIGHT, is expanding its Australian presence. It plans to double its Australian headcount (of 10) within six months, after opening its first office in September. iSIGHT will be hiring for research, analytical, sales support and channel management roles. ISIGHT’s intelligence products can be integrated with third party offerings and the firm says it is currently tracking over 70,000 ‘threat actors’ in 17 languages using “signals intelligence, open-source intelligence collection and feet on the street”.





  • EY’s French firm announced the acquisition of analytics and big data consultancy Bluestone Consulting for an undisclosed sum. The deal is the third the firm has done over the last two years to build up its data analytics capabilities and its combined team now comprises more than 130 data scientists - more than any other firm in France. French-based Bluestone, which was set up in 1996, provides data visualisation and statistical engineering techniques and expertise to business operations in marketing, finance and risk. According to EY, the acquisition will “bring cutting-edge analytics tools to clients across Europe, the Middle East, India and Africa to transform complex business data into actionable insights and drive competitive advantage”. Services on offer include using data analytics to “uncover opportunities, address challenges, improve financial and business performance, optimise production facilities and anticipate and manage risks”.



  • EY UK revenues broke through the £2 billion barrier, with an 8% increase in fee income growth for the year ending July 2015. Partner profits dipped as a result of a record number of new equity partners joining the UK partnership. Revenues hit £2.010 billion, up from £1.868 billion in the previous year. Distributable profits increased by 6% from £412 million to £437 million. The growth over the last 12 months sees EY move into number three position in the Big Four ranking in the UK, although KPMG does not release its results until December. With 95 new equity partners joining this year, and 68 partners admitted last year, the average distributable profit per partner for this year was £700,000, down 3.7% from £727,000 in 2014.




September 2015



  • EY continues to bounce around the Source White Space quality rankings table due to the high variability of its content. While Source saw no outstanding content (scoring 12 or more points under our rating criteria), itcould point to examples in this sample that sit everywhere from ’a good piece of thought leadership’ to ’this could actually be detrimental to the brand’. In the former, more positive category is "This isn’t about “fixing” our women!", which explores the impact of the firm’s own female-specific leadership programme. Written in an engaging style incorporating hard data and more qualitative viewpoints, this report is likely to inspire other organisations as well as send out a strong, positive message about the culture at EY.







  • EY plans to invest hundreds of millions of dollars in acquisitions in SA and the rest of Africa over the next five years as it looks to grow its business and develop new skills. Over the past few years, EY has invested about $100m in acquisitions, office infrastructure and skills development. EY Africa CEO Ajen Sita said the capital to be invested over the next five years would be more than $100m, but could not give a specific figure. "From an Africa perspective, we will deploy about 40% of all our investment capital in SA and 50%-60% outside in countries like Kenya, Nigeria, Ghana and Mozambique". EY, which operates in 33 African countries, does business in tax, auditing, advisory and transactional advisory services. EY will target advisory businesses and supply-chain consulting. Recently the company announced it had acquired IZAZI Solutions, which provides technology solutions in the financial services space. It was EY’s fourth acquisition in its Africa practice over the past three years.





  • A strategic alliance between EY and Los Alamos National Laboratory will allow EY to offer Los Alamos’ unique behavioural analysis cybersecurity tools to respond and quickly counter attacks. An announcement stated, “The alliance comes at a watershed moment when increasingly sophisticated cyberattacks are inflicting significant economic, social and even political damage to US organistaions. The tools developed by Los Alamos and delivered to the private sector exclusively by EY LLP can help counter these threats by detecting them before they do deep and lasting damage". “We are very excited to be working with Los Alamos as part of our overall mission to transition their heritage of national cybersecurity and innovation to the private sector, and arming our clients with the most advanced tools and resources to combat cyber-threats, added the EY Americas Advisory Vice Chair. "This collaborative approach is reflective of our global strategy to help organisations manage cybersecurity better and doing our part to build a better working world.”








August 2015



  • EY announced the acquisition of IZAZI Solutions, a leading technology enabled business solutions provider, primarily in the financial services sector. EY is committed to accelerating the growth and development of its advisory and consulting capabilities through the deployment of its significant investment plan. To this end, EY has completed four acquisitions in the last three years with the Oracle Advisory business, 8th Man Consulting, being the most recent acquisition in July 2014. IZAZI Solutions employs in excess of 200 people and has offices in South Africa, Australia, Canada and New Zealand. They join EY’s 45,000 Advisory consultants globally and will play a leading role in delivering IT products and solutions to business and government across Africa.



  • EY UK acquired Seren, a 60 strong digital consultancy. Seren works with firms across a number of sectors, in particular, telecoms and financial services. The acquisition is the first of its kind for the UK Advisory practice and it is part of continued investment and growth in the UK and globally. EY has plans to grow its global strategy consulting services to over 2,500 professionals by 2020, both organically and through continued acquisitions, and has progressed this rapidly already with a particular focus on its clients' digital transformation agenda. This acquisition follows others in related areas, such as Bedrock (a service design boutique in North America), Parthenon (the US/UK strategy consultancy) and Sweeney, a leading customer insight consultancy in Australia.





  • EY Global launched a health consultancy practice to help clients manage costs and improve efficiency. In a statement,  firm said that healthcare around the world is being disrupted by unsustainable cost inflation and the rapid rise of digital health technologies. As such the new practice aims at helping clients leverage technology to deliver digital health solutions and use big data and analytics to improve health services management and health outcomes. The new practice will be headed by global health sector leader Jacques Mulder who previously served as EY global industry and market strategy leader.



July 2015



  • EY US acquired Mycroft, a leading provider of cloud-based identity-as-a-service (IDaaS) and identity and access management (IAM) services. EY says the deal will expand its ability to help clients safeguard corporate assets from the increasing threat of cyberattacks by supporting secure access to critical applications and data. EY will immediately go to market with a cloud-based IDaaS and IAM managed services offering. This US acquisition is the latest in a series of cybersecurity deals by the firm, with $20 million earmarked for EY’s recently-launched Managed Security Operations Center (SOC), a global initiative designed to provide 24/7 tools and support to secure businesses around the world. The Mycroft team will join EY’s global cybersecurity group, which the firm expects to increase by 600% through 2020.











  • An article in Consulting Magazine - July 2015 argued that EY's purpose is considered "the bridge to the new world order" and EY's vice chairman of Advisory services considers that they're "light years ahead of the competition".



  • EY announced 753 new partners globally for 2015, an increase of 12% on 2014. 30% of the new partners are women and 33% come from emerging market territories. By service line, Assurance accounted for 42% of new partners, followed by Tax with 24%, Advisory with 22%, Transaction Advisory Services with 10% and Business Support with 2%. Overall, EY increased its global headcount by more than 20,000 to 210,000.







June 2015







  • EY acquired consulting firm Integrc, which has operations in the Netherlands, UK, India and UAE. Integrc is a privately owned, leading provider of governance, risk and compliance (GRC) services to companies that run SAP. The acquisition, expected to complete in August, will help cement EY’s position as an industry leader in SAP GRC services by further enhancing its end-to-end offering - from strategy to technology implementation.








May 2015



  • EY’s retiring Asia Pacific Chairman, Michael Wachtel, commented on the firm making a change to its governance structure in the region. Wachtel has resigned but EY will not be filling the vacancy. EY will overhaul its governance construct and create a regional partner forum to give equity partners a stronger voice in their local markets. Wachtel said, "It's back to the future, with some tweaks and nuances in the construct. As we become bigger, and look more like a corporate, there is a need to find vehicles to give the partners a voice, separate from executive management." Oceania will have nine seats on the new regional forum, plus an additional three representatives on the financial services forum, which is a separate group."






April 2015



  • Still in India, EY plans to increase the team from 100 to 600 of its Financial Accounting Advisory Services (FAAS) in the next few years - see EY to ramp up financial accounting team.





  • EY announced  a strategic business relationship with Microsoft Corp. to deliver new and innovative services through their digital-age strengths to companies around the world.  The services will utilise EY’s practices in analytics, cyber security, digital enterprise strategy, digital and emerging technology enablement, people services, and programme management to deliver new offerings using Microsoft’s cloud and data platforms. The goal is to help customers remove barriers to digital adoption, improve employee experience at work, and maximise companies’ return on their investment in digital technologies.






March 2015



  • EY celebrated reaching 1 million LinkedIn followers globally.




February 2015



  • In Australia,  EY has reportedly entered into an agreement to acquire C3 Business Solutions for an undisclosed sum. C3's repertoire includes information management, advanced analytics and business intelligence. 11 C3 execs, will join EY as partners, accompanied by around 100 staff. C3's client list includes Qantas, Commonwealth Bank, Energy Australia, and the federal government. The firm currently has offices in Melbourne, Sydney, Canberra, Adelaide, Brisbane and Perth. EY will keep the C3 brand, while the new staff will become part of EY's Asia Pacific advisory practice.




January 2015






December 2014





November 2014




  • EY announced plans to grow its strategy consulting practice to over 2500 professionals by 2020, both organically and through continued acquisitions. EY explained that its consultancy business has made 11 acquisitions across the globe in the last year, with four of the acquisitions specifically boosting strategy consulting capabilities. EY’s global advisory strategy group provides problem-solving capability and issues-based consulting skills in three business areas — Innovation & Digital Enterprise Strategy, Strategic Transformation, and now also Industry & Market Strategy.




October 2014



  • The Ontario Securities Commission agreed to a C$8 million settlement agreement with EY over its work for two defunct companies operating in China. The deal marks the first time that a new “no contest” rule is being used by the OSC. Thus, EY neither admits or denies the allegations set out by the OSC in the cases of Sino-Forest and Zungui Haixin Corp.




September 2014



  • EY reported 2014 global revenues of US$27.4bn. Highlights: growth of 6.8% over FY2013 in local currency terms; growth across all service lines; emerging markets practices grow 8.7%; headcount at all-time high of 190,000 as EY ranked #1 world’s most attractive professional services employer, number #2 employer overall. The EY infographic below provides further details.



  • The US Public Company Accounting Oversight Board found deficiencies in 28 of 57 EY audits the board evaluated, a rate of 49%, up from 48% in the previous year. Some of the deficiencies were significant enough that it appeared that EY hadn't obtained enough evidence to support its audit opinions, the PCAOB said. EY said it was "fully committed to audit quality" and that the inspection process "assists us in identifying areas where we can continue to improve."




August 2014


  • EY is offering a global collaboration portal, EY Client Portal, with the tag line ”Your 24/7 connection to our people, knowledge and tools” (source@ Project GooD).



July 2014



  • EY agreed to pay more than US$4 million to settle accusations by the Securities and Exchange Commission that it violated independence rules by lobbying on behalf of two of its audit clients. The case involved lobbying by Washington Council EY. The SEC order did not identify the client, and did not indicate that any action had been taken to review the audits, or that the audit teams were aware of the independence violations.


  • EY agreed to combine with Boston strategy consulting boutique, the Parthenon Group. Parthenon, with around 40 senior leaders and 300 professionals, was founded by Chairman and Managing Partner Bill Achmeyer in 1991. Parthenon is being acquired, at least in majority part, for its strategic M&A capabilities. EY intends to integrate Parthenon's operations within its Transaction Advisory Services (TAS) practice. Research Note includes MR perspective on deal value; rationale for placing Parthenon within the firm's TAS group; potential for conflicts; and the strategic fit of Parthenon within EY.