MBP Co-Chairman Drew Bernstein.
In March, “China Wealth” profiled MBP as a profitable New York-based accounting firm in China that’s now on the transfer in Southeast Asia with plans to open an workplace in Singapore this month. (See hyperlink right here.) It at present has about 150 workers and 5 places of work in China.
Marcum LLP (ranked No. 15 by Accounting At this time) and Friedman (ranked No. 33) this week disclosed a plan to merge Friedman into Marcum, making a nationwide top-12 accounting agency with roughly $1 billion in annual income and greater than 3,400 workers, the 2 corporations mentioned in a press launch.
MBP matches into that as a three way partnership between Marcum LLP and Bernstein & Pinchuk; the brand new mixture of Marcum LLP and Friedman, to be operated beneath the Marcum model and headquartered in New York, would lead to MBP absorbing Friedman’s Asia follow, which at present has two China places of work, MBP mentioned.
“The merger between MBP and Friedman’s China follow mixed with our enlargement to Southeast Asia will considerably enhance the assets that we are able to present shoppers in Asia by practically doubling each the workers and the variety of shoppers we serve within the area,” MBP’s Co-Chairman Drew Bernstein informed me by electronic mail.
“Quite than licensing the Marcum model to unbiased entities, our technique is to supply a totally built-in, 24/7 service mannequin during which groups on either side of the ocean collaborate to scale back cycle occasions and entry experience throughout the group,” he mentioned.
“Whereas there continues to be loads of give attention to the conflicts within the U.S.-China relationship, we proceed to consider that the American capital markets supply unmatched benefits to progress corporations in Asia who’re prepared to decide to rigorous monetary reporting and governance requirements. The merger crops a flag signaling our long-term dedication to this market,” Bernstein mentioned.
The merger is anticipated to shut in the summertime of 2022.
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