MGI claims Top 8 spot in Asia Pacific
MGI is the eighth-largest association in the Asia Pacific region, according to latest statistics compiled by the International Accounting Bulletin.
The alliance saw an 18 per cent growth in fee income among its member firms in the region, which due to its immensity includes some very important markets that vary greatly in maturity and complexity.
MGI fee income rose to $69.9 million to see it rank eighth in the International Accounting Bulletin’s breakdown of the biggest associations and networks. Three new members joined last year in Vietnam, South Korea and the Philippines, contributing to the strong growth.
The International Accounting Bulletin data shows larger networks are experiencing a slight dip in combined revenues, while mid–tier associations such as MGI are enjoying an uplift. Even though competition is fierce, MGI and others of this size are still growing.
Pallavi Dinodia, International Committee member representing MGI Asia, hailed the way member firms are allowed to flourish. She said: Asia is an economic powerhouse and an engine of growth for the world economy. Many local professional firms are looking to align themselves globally. MGI’s set up where members maintain their local independence, identity, methodology and market approach is more appealing to the owner managed professional firms compared to the larger networks.”
Matthew Moy, International Committee member representing MGI Australasia, added: “It is good news that MGI has achieved this ranking in the Asia Pacific area. It justifies our strategic push to increase the number of members in the region as MGI recognises that our area is so important to global economic growth.”
Meanwhile, staff data shows MGI is the tenth-largest association in the region after enjoying a 15 per cent increase between 2013 and 2014. More than 1,300 people are now employed by MGI firms across Asia Pacific. The number of partners saw a sharp rise from 116 to 136 over the same period. The number of offices also increased from 49 last year to 56 in 2014.
MGI has a strong and expanding presence in Asia Pacific with a number of firms in Australia, China, Indonesia, New Zealand, Singapore, India, Malaysia, Korea.
To view all MGI member firms within Asia click here. To view all MGI member firms within Australasia click here.