MGI 15th in Accountancy Age world ranking

MGI held on to its ranking in the annual list of top accounting associations and alliances from Accountancy Age.

Despite a slight fall in fee income, MGI remains the 15th-largest association globally, a position it secured last year.

Fees were down three per cent in the 2015 edition to $541 million, but that came after a stellar 15 per cent rise in income the previous year.

Inter-group switching has been a big feature of the last year for the leading associations and alliances.

"The big headline changes in affiliation have been mostly in the UK and the US, often coming out of the consolidation resulting from succession/baby boomer retirement issues," says Clive Viegas Bennett, chief executive at MGI, as quoted by Accountancy Age.

"This churn has not yet stopped, but there are signs it is slowing. Some mergers may result from this underlying firm level phenomenon. Networks and associations are also looking to grow through mergers in order to increase their cost efficiency and competitiveness, although we all recognise the significant cultural and geographical barriers to such mergers."

Overall, the world's top 40 international accountancy networks and associations delivered combined growth worth $10 billion between 2014 and 2015.

Accountancy Age published the 2015 Top 20 Associations and Alliances rankings on 15 July, to see the rull rankings click here