RSM merges with PricewaterhouseCoopers
12 Feb 2007
Financial services consulting firm RSM and tax advisory services firm PricewaterhouseCoopers have decided to merge their respective tax practices with effect from 1 April, 2007. The combined operations will be under the common brand of PricewaterhouseCoopers and have more than 4,000 people across different offices in India.
Rathin Datta will continue to be the chairman and CEO of PricewaterhouseCoopers, while RSM's deputy managing partner Dinesh Kanabar will be the chairman of the combined tax practice, reporting into Rathin Datta.
Ashok Wadhwa, CEO and managing partner of RSM will not join the combined firm and will continue to manage the Ambit group of businesses including Ambit Corporate Finance, Ambit Capital and the new joint ventures initiated by Ambit with TV18 and Centurion Bank of Punjab for online broking, and Nikko Asset Management for asset management business in India.
Wadhwa said, "Personally, I believe that this alliance provides our people with opportunity to grow and excel in the market place. Incidentally, the combined firm will also become the largest accounting firm in India, just ahead of the current market leader."
According to Datta it is all about talent, resources and scale. "With the service sector growing at a rapid pace, it is natural to combine strengths and consolidate. I am extremely happy about this merger. The synergies will enhance the delivery capability of PricewaterhouseCoopers.
Gene Donnelly, Global managing partner (tax and advisory), PricewaterhouseCoopers, commented, "PricewaterhouseCoopers is proud and excited that talented partners and staff of RSM have decided to join us. Together, we will provide our clients the best advice in India and around the world. We also welcome the 500 staff members of RSM and look forward to working with them."
