Dublin firm McCann Fitzgerald has taken advantage of the impact of the Sarbanes-Oxley Act on Ireland’s big four accountants to grab a funds-listing and authorisation team from Ernst & Young (EY).
McCanns banking and financial services partner Ambrose Loughlin attributed the split from EY to “the independence issue”.
EY has told clients of the funds-listing team that US regulators require increasing separation between audit and non-audit clients. EY has a dominant global market share in auditing investment funds and the activities of the Irish funds-listing team were felt to conflict with this.
A 12-person team led by EY partner Maire O’Connor will join McCanns. O’Connor previously worked at RSM Robson Rhodes and personally built up EY’s funds-listing and authorisation team.
Three other top Dublin firms – A&L Goodbody, Arthur Cox and Dillon Eustace – have funds-listing and authorisation practices that allow them to act as listing agents.
McCanns has previously advised on the listing of non-Irish funds and specialist debt securities, but had EY acting as listing agent. The recruitment of O’Con-nor’s team will allow the firm to bring all the work in-house.