HONG KONG, April 19 /Xinhua-PRNewswire/ -- On 1st February 2007, global management and accounting outsourcing firm, TMF, took a major step in its Asia strategy to acquire two companies - Asian Financial Services Limited (AFS) and the client accounting and company secretarial businesses of Baker Tilly Hong Kong.
The two organizations will merge to form the Hong Kong office, and regional headquarters of the TMF Group. This new office will fulfil the management and accounting needs of regional clients, from high net-worth individuals to fortune 500 companies. It will also bring TMF one step closer to becoming the sole provider of comprehensive global services.
TMF has recently been enjoying a rapid rate of growth. This global management and accounting outsourcing firm has over 2,000 professionals working from 72 offices in 56 countries around the world. With established offices in Shanghai and Beijing, TMF is pursuing an aggressive growth strategy in Asia. Offices are planned in Singapore, Bangkok, Seoul and Tokyo in the coming months.
For AFS, a merger with an important global firm represented a timely progression in its strategic plan. Since its incorporation five years ago AFS has grown rapidly, from a small start-up to a thriving firm of 20 employees and over 500 clients. Ken Deayton, the CEO of AFS, remarked “AFS becoming part of a truly global firm is the next logical step in growth and development.”
The merger was prompted by TMF’s recognition of a gap in the market, a gap which evolved when the Big 4, along with other large international accounting practices, divested their corporate services divisions. This move created a need for a full range of services available on a truly global basis. TMF is determined to answer this call.
To that end, TMF began the search for suitable local partners. Recognizing the synergy with the two dynamic companies, TMF initiated negotiations with AFS and Baker Tilly in the middle of 2006. The final agreements were signed in January and February of this year. Brian Jackson, Regional Director of TMF Asia, reported “We are very pleased to have completed phase one of our Asian strategy plan. We are looking forward to rapid growth for TMF Hong Kong.”
AFS will retain its name for a short period, until the two companies are relocated to one office. At that time, the whole company will be re-branded TMF Hong Kong Limited. In the meantime services will not be interrupted and AFS clients can now benefit from the international network of resources and comprehensive range of services.
TMF is a global management and accounting outsourcing firm with 72 offices in 56 countries and over 2,000 professionals (February 2007). TMF is expanding rapidly throughout the world. Learn more about our unique network and our services and visit our website at www.tmf-group.com.
Press Office and PR: Covatta Communications Ltd
