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Former US partners hire lawyers in fight for bigger share of the proceeds from New Mountain deal
Accounting firm recently agreed to sell a majority stake to New Mountain Capital
...services....
...H&F has invested in business services companies such as advertising agencies, advisory firms and insurance brokerages for decades....
...The deal was one of several recent examples of private equity firms investing in the professional services industry....
...EY said in August it would cut 150 jobs in its UK financial services consulting business....
PCAOB imposes total penalties nearing $12mn against PwC, Deloitte, KPMG and others
...While tech consulting slowed from the heady pace in the wake of the coronavirus pandemic, companies are still upgrading their IT and digital services, Deloitte said, and it has started selling AI and metaverse...
...Some of the world’s biggest audit and consulting firms are asking staff to use burner phones when they visit Hong Kong, a sign of the increasing difficulties global companies are facing in a city long known...
...The debt deal with Apollo marks one of the largest deployments of private capital into professional services and will be closely watched by the rest of the accounting sector, which has typically shied away...
...“Tax and audit work is being replaced by technology and the lowest price is winning, hence the transformation to consulting and advisory services....
Accounting firms have put inclusion of women and people from minority groups at heart of recruitment drive
...In October, the Financial Times reported that Deloitte was planning to axe about 150 junior consulting roles as part of its initial redundancy round....
...The Big Four accounting and consulting firm first launched the internal tool, called “PairD”, in the UK in October, in the latest sign of professional services firms rushing to adopt AI....
...The evidence cited by the appeals court included testimony by one current and one former Apollo chief financial officer, as well as a high-level investor, that they believed Apollo, not the funds, was to bear...
Big Four firm says suspicious activity quickly spotted but industry disagrees about relying on the new technology
...Deloitte is set to cut hundreds of jobs in the UK as the Big Four professional services group contends with slowing demand from clients cutting their spending on advisory services in a tougher economic environment...
...The historical return on capital on some of them is not great, so that will bear some looking into. And yes, sceptics, I still think Meta looks reasonably priced after its big year....
...Revenue in consulting grew 16 per cent, to £1.6bn. Houston said the firm’s financial services, energy and resources, and public sector teams had all experienced “significant demand”....
...Arm’s $5bn initial public offering this week was the most expensive in fees for five years, earning a $84mn windfall for the professional services firms that advised it, including Deloitte....
...Five unmissable stories this week Jim Chanos, one of Wall Street’s most prominent bears, is closing his main short-focused hedge funds after more than three decades....
...A bear market, powered in large part by Xi’s policies, destroyed wealth at a faster rate than Ark’s mistimed bets on tech....
...Hulu, home to shows such as Only Murders in the Building and The Bear, has been in limbo since 2019, when Disney lifted its stake to 67 per cent through its blockbuster acquisition of 21st Century Fox....
...The video streaming service is one of the most popular in the US, with hit shows like The Bear and Only Murders in the Building helping the platform amass over 48mn subscribers....
...PwC Australia also sold its government consulting business for a nominal A$1 to try to ringfence its contracts from the fallout....
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