Deloitte Western Sydney and Moore Stephens Sydney West, both based in the Parramatta CBD and with a total of 60 years’ service in the region, have joined forces to capitalise on the rapid growth of one of the nation’s fastest growing regions.
“The loss of the [$10million] Moore Stephens Sydney West practice was disappointing,” said Moore Stephens Sydney, managing partner, Rob Southwell.
The aim of Deloitte’s acquisition is to leverage opportunities flowing from major infrastructure projects and private companies and high-net worth of individuals in Australia’s fifth largest economy and the engine room of NSW.
Indicative of the potential of the region has been the increase in Deloitte’s staff from 65 people in 2005 to 286 currently and the 194 per cent increase in revenue between 2006 and 2013.
“Our success reflects that of Western Sydney,” said Peter Forester, Deloitte’s managing partner, regional offices.
Danny Rezek, Deloitte’s office managing partner Western Sydney, said: “Our 286-person Western Sydney practice, with 23 partners across our Parramatta and Norwest offices, is currently the fastest growing of all our offices in Australia.
“We believe this growth will only continue as Sydney expands west driven by one of the fastest growing urban populations in Australia and an extremely competitive commercial property market.
“Improvements in infrastructure, such as the $11.5 billion West Connex project freeing up freight movements, as well as the increasing likelihood of a second airport at Badgerys Creek, will only serve as a catalyst for job creation, investment and further economic growth,” he added.
“Like Deloitte, Moore Stephens Sydney West has been in Western Sydney for over 30 years and our union will capitalise on a strong cultural fit, mutual networks and growth opportunities for both firms, for the benefit of our clients and employees,” said Stewart Thompson, managing partner, Moore Stephens Sydney West.
“We are looking forward to leveraging Deloitte’s innovation including the cloud-based services developed by Deloitte Private as well as the breadth and depth of professional services that won Deloitte both the AFR/CFO Awards for Accounting and Audit Firm of the Year in 2013.
“It’s a capacity play in a fast-growing market that Deloitte wants to put its foot on before anyone else,” said the Australian Financial Review when commenting on the acquisition.
The acquisition will boost Deloitte’s staff to around 350 people.
Moore Stephens’ Rob Southwell said the company would rebuild its presence in Western Sydney and focus on private clients, wealth management services and small and medium business advice.
