Brazil's Bendoraytes & Cia switches from Crowe to UHY network

15 January 2019 Consultancy.lat

Bendoraytes & Cia – Auditores Independentes, an accounting and consulting firm based in Rio de Janeiro, has exited the Crowe network to join rival group UHY. As part of the transaction, which closed at the start of this year, the Brazilian firm has been rebranded as UHY Bendoraytes & Cia Auditores Independentes. 

Founded in 1960, in São Paulo, Bendoraytes & Cia provides audit, accounting, tax, corporate finance and management consulting services to clients in Brazil and South America. The professional services firm works for organisations in a range of sectors, with a focus on financial services, energy and manufacturing.

The integration into the global network of UHY adds 87 professionals, including 10 partners, to the company’s footprint in Latin America. With over 8,000 professionals, across 300+ offices in more than 90 countries, UHY is the globe’s 16th largest international accounting and consultancy network. The network was founded in 1986 and is headquartered in London, the United Kingdom.

While Crowe is significantly larger than UHY – the network employs around 36,000 employees – Franklin Bendoraytes, managing partner of Bendoraytes & Cia said that his decision to switch was based on the firm’s ambitions which could not be realised under the Crowe flag. The partner told Economia that while Crowe was “a decent network”, which the firm was part of for more than 20 years, Bendoraytes’ plans of expansion to São Paulo were being obstructed by Crowe, which already had an office there.

Brazil's Bendoraytes & Cia switches from Crowe to UHY network

“Crowe had three independent members in Brazil, in a way, all three operated as competitors at the end of the day. Being now the only UHY member firm in Brazil, there are no conflicts of interest and no risk of the firm’s reputation being contaminated by other members’ eventual problems and mistakes,” he remarked. In a statement announcing the move, UHY stated the local Brazilian firm joined its network after it resigned as a member from Crowe and following a “rigid due diligence process”.

Bendoraytes added, “We hope our local expertise and the UHY network’s collaboration will help us to enhance the services and advice we can offer our local and international clients.” 

Rick David, chairman of UHY said: “We are delighted to welcome Bendoraytes & Cia to the UHY network, extending our South American coverage. Bendoraytes & Cia admittance to the UHY network will further strengthen UHY’s regional market expertise and capabilities to support clients’ needs in this region. We very much support the firm’s ambitions to expand their coverage in the wider territory and are pleased to be able to serve our international clients who have a business presence in this country.” 

The expansion for UHY comes months after it bolstered its presence in Asia with the addition of Sri Lankan firm Centra Management Associates to its network. In the summer of last year, Geword, a Georgian firm based in Tbilisi, also joined its ranks. 

Meanwhile, Crowe has confirmed that the firm is now planning to open its own office in Rio de Janeiro in the first quarter of this year.

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