Post Summary
The top 25 auditors control 33.4% of fund market share and 68.1% of asset market share.
Auditors ranked 11-25 had the highest fund growth at 14%.
Auditors ranked 1-4, the largest auditors, had the lowest fund growth at 4.3%.
Auditors ranked 5-10 had the highest AUA growth at 22.8%, while auditors ranked 25+ had the lowest, with AUA declining 8%.
The source frames this as an open probability question rather than a stated fact, noting private equity is "leading the charge" in industry change and stating the author's own view that such a tie-up "can happen," while acknowledging it would challenge traditional thinking around independence.
The industry for Accounting, Assurance, Tax and Advisory services is changing quickly.
Is a Major Accounting Firm and Fund Service Company Tie-Up Likely?
Private Equity is leading the charge. What is the probability that a major Accounting firm and Fund Service Company will tie up? It makes great sense but would certainly challenge traditional thinking around independence. I think it can happen.
How Concentrated Is the Top-25 Auditor Market?
The top 25 Auditors control 33.4% of fund market share and 68.1% asset market share.
Which Auditor Tiers Are Growing Fastest?
How Can Firms Improve Market Share?
Market share improvement takes deliberate and precise market planning. The Convergence Revenue Roadmap will get you there. Contact Convergence to discuss other business intelligence we bring you to power growth.
Key Points
How concentrated is the top-25 auditor market, and why might fund share and asset share differ?
- The top 25 auditors hold a majority of asset market share but a minority of fund market share: 33.4% of fund market share versus 68.1% of asset market share.
- This gap suggests larger auditors serve fewer, larger funds: A firm controlling a smaller share of total fund count but a much larger share of total assets is, by definition, auditing funds that are larger on average than the market as a whole.
- The source does not state a cause for this gap: No explanation for the fund-share versus asset-share divergence is given in the original post; this observation is a direct read of the two stated figures, not an added interpretation of cause.
Which auditor tiers are growing fastest and slowest, and on which specific metric?
- Auditors ranked 11-25 lead specifically in fund growth: This tier posted 14% fund growth, described in the source as the highest fund growth rate among the tiers reported.
- Auditors ranked 1-4, the largest firms, lag specifically in fund growth: This tier posted 4.3% fund growth, described in the source as the lowest fund growth rate among the tiers reported.
- Auditors ranked 5-10 lead specifically in AUA growth: This tier posted 22.8% AUA growth, described in the source as the highest AUA growth rate among the tiers reported.
- Auditors ranked 25-plus lag specifically in AUA growth, with an outright decline: This tier posted -8% AUA growth, described in the source as the lowest AUA growth rate among the tiers reported.
- The four figures span two different metrics, not one consistent ranking: Fund growth and AUA growth are reported for different, non-overlapping tiers in the source, meaning the data does not support a single combined growth ranking across all four tiers.
What does the source say about the possibility of an accounting firm and fund service company tie-up?
- Private equity is named as the driver of industry change: The source states "Private Equity is leading the charge" in the changing accounting, assurance, tax, and advisory industry.
- The prediction is explicitly framed as the author's own opinion: The source states "I think it can happen," presenting this as a personal probability assessment rather than a reported fact or confirmed development.
- A specific tension with industry norms is acknowledged directly: The source states such a tie-up "would certainly challenge traditional thinking around independence," naming the auditor independence question as the central obstacle to this kind of combination.