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RSM Faces Shareholder Coup in UK

Following months of internal disarray and the revelation of a major accounting error, a group of shareholders of RSM UK is attempting to oust the firm’s board and block the appointment of new CEO Jill Jones, the Financial Times reported.

The group, led by two former RSM UK executives, claimed in a letter that it has power of attorney to vote on behalf of 64% of shareholders in response to the accounting blunder and a CEO selection process that it believes was rigged – a charge RSM UK has denied. One source close to the situation told the Financial Times that anger against the board was so severe that the group decided to move forward with its grievances despite the impact of the ongoing COVID-19 pandemic.

The accounts misstatement related to an error in reported sums set aside for professional liability claims, such as legal action or regulatory fines. The subsequent restatement had a net impact on profits of £2.2 million. RSM UK reported a £5.8 million pre-tax profit in the year to April 2018, which was restated in the 2019 accounts to a loss of £113,000.

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Tate & Tryon Merges with RSM

Washington, D.C.-based Tate & Tryon PC (FY18 net revenue of $26.8 million) has entered into an agreement to merge with RSM US LLP (FY19 net revenue of $1.4 billion) on Jan. 1.

Tate & Tryon will focus on improving and increasing services to clients, who will have full access to RSM’s teams, resources, strong national and global brand and expanded services, including technology, management, financial, risk and transaction advisory capabilities.

RSM is the fifth largest audit, tax and consulting firm after the Big 4, according to INSIDE Public Accounting’s 2019 ranking of largest accounting firms in the nation. RSM has 11,000 people in more than 87 U.S. cities, four offices in Canada, and access to more than 41,000 people in 116 countries through the RSM International Network.

“As one of the first D.C.-based CPA firms to focus exclusively on serving the nonprofit industry, we have always aimed to be the best at helping our clients stay a step ahead to not only survive, but thrive, with strategic insights, services and technology solutions. As part of RSM, we can meet our clients’ needs even more comprehensively while providing the same exceptional service they expect and offering our people new opportunities for growth and development,” says Charles Tate co-founder and MP of Tate & Tryon.

“Tate & Tryon had several national and regional firms that wanted to enter into a deal with them,” said Allan Koltin, CEO, Koltin Consulting Group, Inc., who advised both firms on the combination. “While all firms were impressive, in the end, the leaders at Tate & Tryon were most impressed with RSM’s culture, leadership and the potential growth opportunities for their people. Both Tate & Tryon and RSM are already recognized as two of the preeminent firms serving nonprofit organizations in the Greater Washington, D.C. market, and this combination will make them an even stronger force in the marketplace.”

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RSM Names Scott Wilson New Audit Innovation Leader

Scott Wilson

Chicago-based RSM US LLP (FY19 net revenue of $2.4 billion) has hired Scott Wilson as audit innovation leader with the firm’s national professional standards group.

In his new role, Wilson, a member of RSM’s innovation steering committee, will lead the firm’s efforts to identify new opportunities for the audit practice in technology automation, data analysis and artificial intelligence.

Wilson specializes in digital transformation, corporate strategy and knowledge programs. He previously served in director-level positions with two Big 4 firms.

“Scott brings a wealth of knowledge to RSM,” says Sara Lord, a national audit partner with RSM’s assurance services. “He will be an excellent addition to our team as we continue to enhance our audit innovation process to provide the best possible service to our middle market clients.”

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RSM Joins Forces with Gregory Sharer & Stuart

Chicago-based RSM US LLP (FY19 net revenue of $2.4 billion) is acquiring Gregory Sharer & Stuart of St. Petersburg, Fla., on Oct. 1.

RSM announced that the firms have signed an agreement for RSM to acquire substantially all the assets of GSS, subject to certain terms and conditions.

This transaction expands RSM’s presence in the area, where RSM has a Tampa Bay office. The acquisition adds 60 professionals and an office in downtown St. Petersburg. It also improves the RSM’s growing audit, tax and consulting practices through the deep knowledge and experience of GSS, especially in real estate and construction, insurance, not-for-profit, manufacturing and health care.

Joining RSM as partners are GSS Office Managing Shareholder Jim Newman, the firm’s executive leadership committee and other shareholders, and their team will transition to RSM upon closing. Together, the firms will offer RSM’s full line of services.

“We have worked with the outstanding team at RSM over the past five years as a member of the RSM US Alliance, and we are excited to take this important step forward by joining RSM,” says Newman. “Our firms share a client-centric approach to doing business, and the same values, culture and people-focused philosophy. We especially look forward to continuing to provide the same outstanding service to our GSS clients, while offering a broader array of solutions – new consulting solutions in particular – to meet their ever-changing business needs. This transaction will also provide our professionals with expanded growth and development opportunities.”

“We are pleased to grow our presence in the vibrant Tampa Bay market with the addition of an outstanding firm and team,” says Joe Adams, MP and CEO of RSM US.

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RSM’s New National Leaders to Focus on Technology, Automation and Digitization

Chicago-based RSM US LLP (FY19 net revenue of $2.4 billion) announces the addition of Brad Collins as a principal in national tax, and Bob Herman as the national leader in risk consulting.

Collins leads the firm’s efforts to identify opportunities where RSM can streamline tax data management for private equity and hedge fund clients. Previously, he led more than 100 professionals to drive innovation and digitization across a Big 4 firm’s $3.3 billion tax practice.

“Having Brad as a part of the RSM team will be a real advantage for our clients,” says Matt Bradvica, national businesses tax leader and national industry tax leader. “His experience in and knowledge of digitizing and innovating will further enhance our ability to help our private equity and hedge fund clients succeed.”

Herman serves as RSM’s risk consulting intelligent and robotics process automation leader, and will help RSM’s clients become more “digital” in the assessment and performance of risk and internal controls processes. Herman is a director with more than 22 years of experience assessing, designing and implementing internal control and process improvement solutions.

“Given today’s increasingly competitive landscape and the existing talent shortage, robotics and automation will be the keys that help our clients succeed,” says John Brackett, national leader for risk advisory services. “Bob’s experience and insights in these areas will further enhance our ability to provide our clients with the world-class service they expect from us as their first-choice advisor.”

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Perry & Associates CPAs Joins RSM US Alliance

Jodey L. Altier

Marietta, Ohio-based Perry & Associates CPAs has joined RSM US Alliance, an affiliation of independent accounting and consulting firms.

This affiliation gives Perry & Associates CPAs, A.C. access to a full range of national and international capabilities through Chicago-based RSM US LLP (FY19 net revenue of $2.4 billion). The U.S. alliance includes more than 75 independent member firms in 38 states, the Cayman Islands and Puerto Rico.

The move is designed to expand services to Perry & Associates’ clients and people. The firm will have access to new tools, expertise and practice management resources, including technical resources, marketing and business development, practice management, talent management and career development, dedicated client services and networking opportunities. This access includes a broad range of national and international resources.

Perry & Associates President Jodey L. Altier says, “Our firm mission is to understand client needs and to provide extensive services to those clients and enhanced development for public accountants without leaving our small-town communities. Having access to the resources of RSM, a large global firm, will help us meet our mission.”

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RSM Names Stu Taub National Real Estate Industry Leader

Chicago-based RSM (FY18 net revenue of $2.14 billion) has announced that Stu Taub has been selected to serve as national real estate industry leader, succeeding Rick Edelheit who retired April 30.

Stuart Taub

Taub currently serves as the MP for the New York market and as a member of the RSM US LLP board of directors. He has previously served as Northeast regional real estate industry leader, Northeast region audit leader, New York commercial audit practice leader, New York private equity industry group leader, and software and technology industry leader.

Taub has advised real estate investment trusts, real estate private equity and advisors, developers, and owners and investors in retail, industrial, commercial, residential, hospitality, senior housing and manufactured home properties. His experience includes working with multinational SEC reporting companies, as well as private equity and closely held companies.

“With Stu at the helm of real estate, we will undertake an exciting new sector-driven strategy to expand the practice nationally within key markets,” says Don Lipari, national industry leader and private equity leader. “We believe this highly focused approach will enable us to develop our strength and knowledge in this critical industry and grow rapidly.”

Taub will remain in his current role leading the New York market.

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RSM Opens Technology Experience Center

Chicago-based RSM (FY18 net revenue of $2.14 billion) announces the opening of its RSM Technology Experience Center (TEC).

RSM says it is the first of many “client experience centers” it plans to open to support its commitment to collaborative innovation for the middle market.

The RSM Technology Experience Center, based in Denver, provides opportunities for clients to work with leading RSM consultants to envision how technology can reshape their businesses. The center offers more than 30 customer immersion experiences. RSM advisors will help clients explore various business scenarios such as “efficiently addressing margin concerns, analyzing complex data, keeping data and information secure and identifying sales opportunities to demonstrate how available solutions can address potential challenges,” the firm says.

Because markets and business models vary, the RSM Technology Experience Center offers detailed depictions of the workplaces and technologies associated with various industries.

“The RSM Technology Experience Center empowers current and prospective clients to plan their digital transformation,” says Brian Becker, a national consulting leader with RSM. “Using the latest in technology, we’ve created a ‘touch it, feel it, see it’ experience for our clients to help them fully understand the power of technology supported by insights from RSM professionals. And the experience can be customized by industry – from consumer products to financial services, the RSM Technology Experience Center uses artificial intelligence and augmented reality to help clients visualize their new realities to prepare for an increasingly dynamic future.”

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RSM Announces Headquarters Office Move to Chicago’s CME Center

Chicago-based RSM (FY18 net revenue of $2.14 billion) announces that its U.S. headquarters will be moving to the 30 South Wacker tower of the CME Center in late 2020 or early 2021.

Formerly home to the largest open outcry futures exchange, the three-building CME Center has been transformed into corporate offices.

“While we have enjoyed our current location in Chicago, we’ve realized the need for a more efficient and productive environment that accommodates the way our people work today,” says John Bird, OMP of the Chicago office with RSM US LLP. “As our middle market clients have continued to grow, so has RSM – in Chicago and at our other 85 offices nationwide. The CME Center will provide us with the needed space for continued growth, state-of-the-art technology and a collaborative environment for working with our clients and with one another.”

RSM will join other notable tenants at the CME Center, including BP, CME Group and Wells Fargo.

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RSM Canada Launches Alliance Network

Terri Ellis

A year after entering the Canadian marketplace, RSM Canada has launched its Canada Alliance program.

The alliance program is the first of its kind in the country, and is modeled after RSM US’s Alliance program, which was launched almost 30 years ago, and includes more than 75 members in 38 states, the Cayman Islands and Puerto Rico, RSM announced.

Member firms are able to build and enhance their practices by leveraging the infrastructure, expertise and best practices of Chicago-based RSM (FY18 net revenue of $2.14 billion). The RSM Canada Alliance will be led by Terri Ellis, previously partner for growth and market development at RSM Canada. Before that, she held the same role at Collins Barrow Toronto for four years, which became RSM Canada a year ago.

As members of the new program, firms gain access to RSM Canada’s technical resources, marketing and business development, practice management, talent management, client services and networking opportunities. The Canadian member firm of RSM International has offices in Toronto, Calgary, Edmonton and Red Deer. Allied firms maintain their independence as separate business entities from RSM Canada. The first two members of the Canada Alliance are DJB, an accounting firm with offices in Burlington, Grimsby, Hamilton, St. Catharines and Welland, and NVS Chartered Accountants in Markham, Ontario.

“The Alliance model is a new concept to Canada, but it is especially suited for our marketplace,” says Harry Blum, MP of RSM Canada LLP. “The realities of our geography and our business landscape mean that small businesses are at the heart of our country’s economic engine. When these firms join this program, they will be able to stay true to their Canadian roots while enjoying the benefits and resources of a global firm.”