Accounting firm Deloitte has bolstered its Perth practice with the appointment of four new partners, highlighting its growth in the mid-tier mining sector and insolvency.
Accounting firm Deloitte has bolstered its Perth practice with the appointment of four new partners, highlighting its growth in the mid-tier mining sector and insolvency.
Deloitte's Perth office has grown from 280 to 370 staff in the past year.
The new partners are: Andrew Annand, corporate finance; Kathleen Bozanic, audit and advisory; Eric Lilford, corporate finance, resources specialist; and Monish Paul, consulting.
Deloitte managing partner Keith Jones sees continued growth in consulting, for both established key clients and the emerging mid-tier mining market in WA.
"In the past five years we have seen a lot of companies grow, from exploration companies to being miners and producers, and that remains a key focus for the business," Mr Jones said.
"We see growth in the Mid West and Pilbara players - if those businesses are going to get up, there is a lot of support and assistance that a firm like us can provide."
Mr Jones expects the markets are going to experience further instability and more companies will experience financial distress.
"We do see a tightening credit crunch and the market is changing. There is no question in our mind that our corporate reconstruction and insolvency group is busier now than it has been for a number of years," Mr Jones told WA Business News.
"We have positioned ourselves to continue to grow with that group quite strongly in a tighter market."
Mr Jones said the past five years, until the recent tightening of liquidity in the economy, was one of the most difficult insolvency markets in 30 years.
"Very few companies were stressed and there was no need for banks or creditors to act," he said.
"We've built a business around assisting companies do better with their work through our insolvency group and we are probably number one or two in town as far as the size of the group is concerned,"
Ernst & Young managing partner Jeff Dowling believes the impact of tightness in the credit market has caused short-term stagnancy in the financial services sector as businesses consider their options.
On the back of strong growth in the corporate finance and tax divisions, E&Y appointed nine new partners last year and will be appointing a further six for the 2009 financial year.
