A US-headquartered group is spreading geographically - opening operations in London and unveiling an office in Singapore. This publication recently interviewed the head of the UK business.

A transatlantic professional services firm has ramped up its presence in Europe and sees the complex, cross-border issues that wealthy families grapple with as a rich seam of gold to be mined.

US-based EisnerAmper, a provider of accounting, tax and consulting services, in March opened an office in London, as the firm looks to launch an operation in the UK before Brexit is finalised. (In April, it also officially opened its Singapore office.) The London office is led by Robert Mirsky, partner and head of the asset management practice group. Before taking on his current role, Mirsky, who has worked abroad in a number of roles, such as at KPMG, recently spoke to this publication about how he sees the task in front of him. (Meanwhile, back in the US, it recently hired Gerard O’Beirne, partner and CPA, as leader of its international tax services group, concentrating on international taxation, advisory and compliance services, publicly traded and closely held businesses, and high-net-worth individuals.)

“My goal is to build the business of and recognition for EisnerAmper in the UK and European markets. We are a 45-year old firm, one of the largest professional services groups in the world, and a market leader in the US for advisory and accountancy services. We have the heritage and experience; it is logical for us to be here,” he said.

“From inception, EisnerAmper has looked after private client assets, wealth advisors, family offices and private banks. These communities are a core business development area for us in Europe,” he continued. “I’ve worked in the London market for the last 15 years and have a strong business network here. I am finding that many business referrals are coming through word of mouth, through clients and from other network contacts. I don’t rely on this alone but find this very gratifying and encouraging,” Mirsky said.

EisnerAmper is not of course the only international firm to operate in the UK and Europe where there’s also a strong US connection. With changes to US tax laws in recent years, such as the Foreign Account Taxation Compliance Act (enacted in 2010) and last December’s package of changes by the Trump administration, there’s a lot for firms to do in advising expat US clients and US firms operating outside the home country. 

“The organisations are working very hard to affect change and they do a great job, but there is still much to do. We help clients review and decide how they should be holding assets whether onshore or offshore and the multiple considerations of this. Easing the burden of tax law and reporting on expat Americans seems not to be high on the current administration’s agenda,” he said. 

Groups such as American Citizens Abroad have repeatedly lobbied the US to change its worldwide system of tax to a territorial one as applied to individuals. So far, such calls haven’t been heeded, putting the US in a very different situation to that adopted by most major developed nations. A growing number of expats are renouncing US citizenship to get out of the IRS’s reach – a complex, expensive process. (Even the latest addition to the UK Royal Family, Meghan Markle, reportedly has a potential US tax issue.) On the corporate side, recent US tax legislation, including the one-off payment for corporates to repatriate earnings to the US, has eased some of the pain of the existing tax regime. 

EisnerAmper’s push into Europe isn’t a lone move. As reported recently here, a new joint venture, called PKF Funds and Family Office, formed by professional services firms in the US and Europe has been formed, aiming to serve wealthy clients and others. 

So what can EisnerAmper do to stand out from the crowd? “An opportunity to grow an already successful financial service business in one of the largest financial services center in the world.  I was impressed by the energy and quality of people at EisnerAmper. I recognised and value the personalized senior hands-on approach to servicing clients that is in EisnerAmper’s DNA – it doesn’t take a cookie cutter approach,” Mirsky said. 

“In today’s economic environment, competition is strong within most industries, including the accounting profession. EisnerAmper is differentiated by its commitment to personal client service whilst providing the highest quality of advice and robust technical support - a combination that is difficult to find and to consistently deliver in both large and smaller firms. This is the business opportunity:  we don’t see any other firm in professional services that is consistently doing this,” he said.  

Inevitably, how does the Brexit issue drive this firm’s plans? “EisnerAmper has had a European presence through our office in Dublin for a number of years but our clients have been pressing us to open up in London for some time. Brexit, of course, was a factor in our deliberations but not a significant one as the UK is largest and most developed financial center in Europe, a hub of both the investment and wealth management industries, and was the logical capital city from which to base ourselves and from which to build the firm’s clients and business in Europe.”

This firm is not a newbie, and its geographic reach is already considerable – offices throughout the US, Cayman Islands, India, Ireland, Israel and the UK, with more than 1,500 staff. It traces its origins to the combination in 2010 of Amper, Politziner & Mattia LLP. Each predecessor firm had been providing audit, tax and advisory services since the mid-1960s. 

Finally, this publication asked Mirsky a personal question of whom he looks up to for inspiration in work and beyond. “Bill Gates / Richard Branson – I’m looking up to them in the way that they have done good in the world while working hard. They seem to go hand in hand. Not just the work ethic and the drive, but that they are also trying to do good in the world.”