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May 18, 2009

Seventh-largest Irish firm leaves Praxity for RSM International

(FREE) Ireland’s seventh-largest professional services firm has joined RSM International, a move it hopes will allow it to grow in line with clients.

FGS reported revenues of more than €30 million ($40.8 million) in its most recent financial year. It has a team of 300 staff, including 30 partners, and is the seventh-largest firm in terms of revenue and manpower.

The firm provides audit, accounting, tax and specialist advisory services in property, wealth management, corporate restructuring, insolvency, forensic and transaction services. Target clients include SMEs and the firm has a strong presence serving the financial services sector, in particular fund management, professional services and pharmaceuticals.

FGS was previously a member of the Praxity Global Alliance but left the association as it was in direct competition with similar sized Praxity member firm Mazars.

“We had an anomaly in the Irish market where the seventh- and eighth-largest practices in the Irish market were both parts of the same association,” FGS managing partner Ian Duffy said. “That didn’t make any sense for us strategically so we decided to look around and see what alternatives were in the market.”

Duffy said RSM membership will allow the firm to better serve multinationals that operate in Ireland as well as growing Irish clients that are branching out.

“Our long-term strategy is to evolve our client base to small corporates and larger SMEs, so the scale, size and complexity of the client are increasing,” Duffy added.

RSM International chief executive Jean Stephens said: “The firm adheres to RSM International’s common goals of high standards of technical assistance and providing outstanding client service and shares our strategic vision to be the partner and adviser to growing and ambitious international companies.”

Headquartered in Dublin, FGS also has offices in Belfast and Longford. The firm is registered with the US Public Company Accounting Oversight Board.

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