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EY Plans Private Equity Expansion As Audit Reform Looms Over Big Four

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EY Plans Private Equity Expansion As Audit Reform Looms Over Big Four BUSINESS WITH PERSONALITY GETTING PISTE LIVERPOOL’S SWEET 16 THE BEST WINES CHAMPS STRETCH LEAD FOR YOUR NEXT BY BEATING MAN UTD P26 SKI HOLIDAY P14 MONDAY 20 JANUARY 2020 ISSUE 3,537 CITYAM.COM FREE TO ICAP IT ALL OFF City grandee CITY BACKS may finally head to House of Lords SAJ ON NEW RULEBOOKHARRY ROBERTSON financial markets using a “third-party the chancellor would be a step in the equivalence” system, which would right direction.” @harrygrobertson deem Britain’s regulations to be in She said the current third-party CITY leaders have responded with alignment with the bloc’s. equivalence system the EU offers to cautious optimism to chancellor Sajid Fleshing out his post-Brexit plans, countries such as Japan is “patchy Javid’s statement that post-Brexit Javid said over the weekend that and prone to politicisation”. financial services trade with the UK should simply ensure A spokesperson from banking body the EU should be on the its rules produce the same UK Finance said Britain and the bloc basis of “outcome-based” outcomes as the EU’s. should maintain integrated financial equivalence of rules, This approach would markets without “the UK becoming rather than full regula- an EU rule-taker by building a clear STEFAN BOSCIA scandal was said to have kept him tory alignment. Sajid Javid irked car institutional mechanism for regulato- out of the House of Lords, though However Javid faced a makers for wanting to ry dialogue”. @Stefan_Boscia Spencer was never personally backlash from car man- diverge from EU rules Javid made clear that “there will not CITY grandee Michael Spencer is set implicated. ufacturers and business be alignment” with EU rules on trade to be given a life peerage by the He sold the majority of his stake in bodies, after he told the give Britain more leeway in goods, causing the Society of Motor government. Icap for more than £200m in 2017, Financial Times that the in making its own finan- Manufacturers and Traders (SMMT) to The billionaire founder of Icap, and having founded the firm with just UK will diverge from EU cial rules, rather than simply warn that any disruption to the car a former Conservative party £50,000. It comes as the Sunday regulations after Brexit and said incorporating EU rules whole- industry’s complex cross-border rela- treasurer, was included in Boris Times reported that Boris Johnson firms will have to “adjust”. sale. There is no guarantee the EU tionships could cost “billions”. Johnson’s dissolution honours list has begun a review into potentially The UK and EU have until the will agree, however. SMMT chief executive Mike Hawes after last month’s election, according moving the House of Lords to York, end of the year to thrash out a free- Catherine McGuiness, policy chair told the chancellor that the car indus- to Sky News. with disused land already identified trade agreement. The “political decla- at the City of London Corporation try’s “priority” is to remain closely He was reportedly also in line for as a potential location. ration” agreed in October said Britain said: “Securing an ‘outcome-based’ integrated in order to safeguard the nod in 2016, however Icap’s should be able to access the EU’s equivalence of rules as suggested by “UK manufacturing”. involvement in the Libor rigging £ CONTINUES ON P3 EY plans private equity expansion as audit reform looms over Big Four EXCLUSIVE is understood to be seeking to The potential expansion is being to help the firm win more deals. A spokesperson said: “Like any JAMES BOOTH boost its capabilities in the private looked at as a long-term play, with One of the reasons for the well-run business, we are always equity sector, with the goal of some of the major deals the firm is expansion is understood to be looking to attract and retain the @Jamesdbooth1 winning more lucrative private hoping to win expected to come to impending government reforms best talent to support our growth.” BIG FOUR firm EY is planning a equity sell-side mandates. fruition in two to three years’ time. that could lead to the advisory Last week, EY said its UK and major private equity push as it Options being examined include EY is also seeking to strengthen businesses of the Big Four firms Ireland chair and managing grapples with potential regulatory redirecting current partners to its deal origination function, with being split from their audit arms. partner Steve Varley was stepping changes that could dramatically focus on sell-side appointments sectors such as energy, technology, However, a source close to EY down from the latter role, moving alter the face of the firm. and bringing in new partners to media and telecoms and life denied audit reform had affected to a new position as global vice Its transaction advisory division increase the team’s firepower. sciences earmarked for investment the firm’s expansion plans. chair for sustainability. FTSE 100▲ 7,674.56 +64.75 FTSE 250▲ 21,886.08 +164.85 DOW▲ 29,348.10 +50.46 NASDAQ▲ 9,388.94 +31.81 £/$▼ 1.303 -0.005 £/€▼ 1.174 -0.001 €/$▼ 1.109 -0.004 02 NEWS MONDAY 20 JANUARY 2020 CITYAM.COM SNOW BALL Global elite jet into Switzerland for World Economic Forum in Davos where Theresa May is expected to give a speech THE CITY VIEW Don’t run for the hills over EU non-alignment S WE approach the 50-day point in Boris Johnson’s new premiership, questions are still being asked about what Akind of leader he will be, and how different the country will become. Londoners in particular are used to certain amount of showmanship in the Johnson approach to politics. As mayor, he was a high-profile figure who enjoyed the platform of his office, seemingly able to make sport of situations where others might flounder. But his absence from the airwaves was noticeable during the first few days of both the Iran crisis and the Australian wildfires, and a pattern seems to be forming in which he resists the urge to find the nearest TV studio. This is an approach encouraged by the people around him. A handful of ministers have been granted such privileges as talking to the ATTENDEES at this year’s World Economic Forum, which begins today in Davos, are set to include US President Donald Trump, press, notably chancellor Sajid Javid, who appeared to put the cat German Chancellor Angela Merkel and climate activist Greta Thunberg. Ex-PM Theresa May is also set to give a speech to the among the pigeons when he said the government would reject assembled bankers and business leaders. The Mail on Sunday said the ex-Tory leader could command a fee of up to £50,000. alignment in any trade deal with the EU. The fuss this interview has provoked is surprising given that it has been Johnson’s stated position since the Chequers split under Theresa May, that it has been referenced for several months and that it was even in the Conservative manifesto. This was always the way Johnson, Square Mile jobs market Dominic Cummings and others of the Vote Leave philosophy have viewed Brexit: without jettisoning the single market, customs union and the EU’s hold over UK regulations (for goods as well as services), the country is not free to strike the kind of trade deals those now in government view as the whole point of Brexit. That gains pre-election boost does not mean regulations will diverge in every case, nor does it mean that standards will necessarily drop — although, to be sure, HARRY ROBERTSON if Downing Street is hoping to strike a deal with Trump during Over the same period, the number of “Everyone is sick and tired of Brexit jobs available grew six per cent. and eager to put it in the rear-view the run-up to a US presidential election, this logic will be tested. @harrygrobertson Yet compared to a year earlier there mirror.” However, a UK-US trade deal is likely to take some time, and there THE NUMBER of people looking for was a 42 per cent decrease in the num- However, recent data from Natwest is no need to run for the hills: having the option to diverge and jobs in the City surged between ber of jobs available in the final three showed that London firms became November and December, according to months of the year, reflecting a torrid more worried about Brexit as the actually using the freedom to do so are not the same thing. But as a new report, suggesting that Boris period as the final Brexit deal was government’s position on negotiations and when it does, it will be incumbent on the government to Johnson’s emphatic election victory negotiated and a General Election was became clearer over the last few weigh the pros and cons, consider the economic impact and could prove a turning point for the held. There was a 31 per cent fall in job- months of 2019. The capital is now consult with relevant industries. The freedom to make our own Square Mile’s jobs market. seekers over the same period, the more pessimistic about Brexit than the However, the rise was not enough to report said. rest of the country. regulations is a prize much valued by Brexiters. Javid’s message outweigh the bruising effects of a Hakan Enver, managing director Enver said that firms are ready for was entirely consistent with everything that business should have year of Brexit uncertainty, and at Morgan McKinley Financial things to change after the year-long been preparing itself for, if not under the previous regime then the City’s jobs market finished Services, said the data showed transition period that will begins when certainly when Johnson’s impending victory became clear.
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