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

15 January 2019

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.

BDO adds professional services firm in Bolivia to network

11 February 2019

Global professional services firm BDO has expanded its footprint in Latin America with the addition of a new member firm in Bolivia. 

The firm, trading as KPI Auditores y Consultores, was founded in 2010 and is managed by a team of seven partners, with managing partner Marcelo Berthin at the helm. Six of the new firm’s seven partners have a background at BDO, while the group also bring experience at tier-one accounting and consulting firms including EY, PKF and PwC to its new parent. KPI, previously affiliated with rival network Antea, which it joined in 2014, has been rebranded as BDO Bolivia. 

“BDO Bolivia’s goal is to deliver outstanding audit, financial advisory, tax, consulting, and digital services to clients,” said Berthin, who has been leading the firm since 2014, after serving a large bank, the United States Agency for International Development (USAID; a US agency that battles extreme global poverty) and EY, where he spent a decade in the firm’s audit department. While the firm works for clients across a range of sectors, its focus lies on clients in manufacturing, mining, not-for-profit, investment services and agriculture.

BDO adds professional services firm in Bolivia to network

According to Berthin, formerly KPI Auditores y Consultores will be able to benefit from BDO’s global reach – the world’s fifth largest accounting group has over 80,000 employees in 160+ countries – and the cross-border work which flows out of the network. “The recent increase in business enquiries from the UK, Germany, Panama, Chile and Brazil that we’ve received through BDO’s global organisation confirm this and points to further expansion for BDO in Bolivia.”

He added that the local teams based in La Paz (headquarter) and Santa Cruz will also be able to tap into BDO’s deep industry and functional expertise.

Commenting on the expansion in Bolivia, Albert Lopez, BDO’s Regional CEO for the Americas, said: “I am very pleased to welcome a leading firm in Bolivia to BDO. With significant experience in Bolivia, servicing national and international companies and institutions, the team have an established reputation that will launch BDO onto new paths of growth in Bolivia. The new firm’s ability to provide integrated solutions to its clients in the country will, when combined with BDO’s global reach, see business coming in from the wider Latin American region and beyond.”

Across Latin America, BDO has more than 5,100 professionals working from 63 offices in 23 countries. The firm’s largest offices are located in economic hotspots such as Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru and Uruguay. 

Late last year, professional services firm Andersen Global touched in Bolivia with the addition of Tufiño Villegas to its network. The tax and legal advisory was founded in 1995 and has offices in capital city La Paz, Santa Cruz and Cochabamba.