Home' Trinidad and Tobago Guardian : July 11th 2013 Contents BG10 | NEWS
BUSINESS GUARDIAN www.guardian.co.tt JULY 2013 • WEEK TWO
Young and Associates (Y&A), a local financial
sector startup, has formed a strategic part-
nership with accounting firm BDO Interna-
tional, and will become BDO Financial Advisory
Services Ltd (BDO FASL) later this year, Y&A
managing director Angus Young said during
an interview on Monday at his Woodbrook office.
The changeover is expected to take place by August as "the
paperwork is being processed now," Young said.
"With Y&A joining BDO, BDO in Trinidad now becomes
a complete, full service firm being able to offer audit, accounting,
payroll, tax, forensics and corporate finance and transaction
Since 2007, BDO has been operating and will continue to
operate as an accounting firm in T&T. BDO FASL will be
created as a separate legal entity with its own board of direc-
"We will have a seven-member board. Three of the board
members would be from BDO: Riaz Ali, the local BDO partner;
Andrew Bickerton and Glen Trenouth, from the BDO offices
in BVI and Cayman Islands, respectively. The other four will
be all locally based. My dad, Richard Young, was appointed
chairman of Y&A in February, and will continue to chair BDO
FASL. I will remain as managing director and there are two
Asked if this would mean a return to accounting for recently
retired Scotiabank managing director Richard Young, Angus
said: "Despite popular belief, this was not planned. For 17
years, my dad and I did not talk business because he was at
Scotiabank and I was in banking, too (at RBC).
"The conflict of interest was clear and we---being best-
practice professionals---did not talk business with each other.
Business is something we re both passionate about, so dare
I say, it even strained the relationship a bit."
Angus said when he ended his investment banking career
at RBC three years ago to launch Y&A, he still could not talk
business with his father because Y&A was launched as a cor-
porate finance and transaction advisory firm, and the conflict
of interest remained.
"But with him retiring, I saw it as a perfect opportunity to
bring him on board, to leverage his experience, and his network
for the benefit of the firm, and to kindle the relationship on
a business level that I ve never enjoyed," Angus said.
"Talking business with him and having that interaction as
father and son, as two business consultants, has been surreal.
It is something that I thoroughly enjoy, and I ve missed it all
Before heading up Scotiabank, Richard worked at Pricewa-
terhouseCoopers (PwC) for approximately 20 years, and made
history as the youngest accountant to be made partner of
PwC at age of 29. PwC will be one of BDO FASL s two main
competitors. The other major competitor, Angus identified,
will be Ernst and Young.
BDO s worldwide network of public accounting firms which
operate in more than 100 countries, makes it the fifth largest
in its field in the world. The first four, often referred to as
"the big four," are PwC, Deloitte, Ernst and Young and KPMG.
"This story is about a local start-up corporate finance and
transaction advisory firm named Young and Associates Ltd
that was formed via greenfield effort by two investment
bankers, Angus Young and Allan Clayton," Young (Angus) said.
Greenfield refers to the fact that Y&A started from scratch
with no clients in its initial portfolio.
"Three years later, the indigenous start-up has taken a sig-
nificant step to become a globally-branded practice by joining
the ranks of BDO."
The benefits of becoming a part of a global professional
institution brings far reaching ability and allows Y&A "to now
fish in waters that we didn t have access to before," Angus
said. Belonging to this network, gives Y&A access to 1,000-
plus offices in more than 100 countries, with worldwide BDO
staff numbers in excess of 46,000.
Eat what you kill
Given the new reporting relationship, Young will have
with BDO, he was asked if this is a return to employment.
Angus said: "No, not for me. For my staff, they would
be staff, but no, I m still in the entrepreneur mode."
He said that with BDO coming on board, his arrangement
stays as it is.
He said he has full autonomy to run the business the way
he ran it before.
"When I hire people, obviously, they would have the secu-
rity of a salary, but not me, I maintain the motto of I only
eat what I kill."
Y&A, its managing director said, is different from the big
four globally-branded firms in that its principals were market
practitioners. This means due to their past life in banking,
"we had actually been intimately involved in financing
numerous sizeable transactions involving mergers and acqui-
sitions, capital expenditure investments, re-structurings,
divestments etc. throughout the Caribbean region."
These are also some of the services the future BDO FASL
"Also, its (Y&A s) principals held senior managerial positions
throughout the financial industry and did not grow up in
the typical fashion of joining professional services firms as
juniors," he said.
He explained accountants usually start as juniors at firms
like the big four and move up with qualifications earned
and experience gained.
"Y&A s clients enjoy the benefit of having career investment
bankers act on their behalf. No other transaction advisory
firm can claim similar accolades. We want to preserve this
advantage by transferring our experience and knowledge
base to our fellow team members who may not necessarily
have had this type of exposure."
Young said his investment banking experience made him
a dealmaker, which he described as "a skill that is the actual
fuel for transaction advisory services. So not only can we
create transactions where there were seemingly none, we
can understand them, facilitate them, fund them and most
importantly execute them."
Young said he recognised the importance of becoming
part of becoming part of an international brand, and com-
menced a search for a suitable and untarnished firm with
whom we could seek an alliance, with the intention of
becoming part of a full service organisation.
"In carrying out our core services, we noticed that audit,
accounting, tax and payroll service opportunities would
present themselves to us, but we weren t geared to take
advantage of same. Y&A approached a couple locally-based
accounting practices and found that BDO was the best
"BDO was our first preference largely based on BDO s
untarnished global reputation for excellence and the imme-
diate shared vision between Y&A s managing director and
BDO s local partner, Riaz Ali."
Young said he and Ali "hit it off almost immediately."
Ali will continue to lead the charge as BDO s audit partner,
while Young will take responsibility for business development
across all of BDO s service lines.
Other talent BDO FASL has attracted is insolvency expert
Victor Herde. Young said the expert, who he brought out
of retirement "will mastermind BDO FASL s insolvency prac-
tice" and will serve as a senior adviser in the new firm.
"Leaving my investment banking career was a very difficult
move because I was well poised within the industry and ben-
efitted from the tangible perks associated with same. It was
a very secure career because an investment banker is forced
to be well versed in so many different aspects of banking, and
this ability makes one very marketable within the finance
industry regionally," he said.
"However, I am betting that taking a step back (by leaving
a very profitable, stable and secure banking career) will result
in multiple steps forward."
The younger of Richard Young s two sons said: "Without
a doubt, this move would not have materialised were it not
for my very supportive wife of nearly seven years, Teneille,
who, not only understands my entrepreneurial desires, but
was and continues to be willing to make the tangible sacrifices
because she has the confidence in me and supported a gutsy
move away from stability and security."
Y&A to become BDO's
According to the Web site bdointernational.com, BDO said its
distinctive reputation for client proximity is built upon its com-
mitment to all its stakeholders that what matters to them
matters to BDO. BDO said it was founded in 1963 when firms
from the United Kingdom, Netherlands, Germany, United
States and Canada joined forces to share and expand their
knowledge to better support clients. It was then known as
Binder Seidman International Group until 1973, when the name
changed to Binder Dijker Otte and Company: BDO.
BDO now provides services to its clients in 135 countries. In
1988, it established a world wide structure and the BDO
acronym was placed before each local member firm's name. In
2009, the name changed to BDO, now the world's fifth largest
accounting network, with almost 55,000 people working with
its clients and offering challenging, ethical and practical advice
from 1,204 offices in 138 countries.
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