Big four firm EY has announced the acquisition of an economics advisory business as it looks to strengthen its economic modelling capabilities.
Big four boosts economic advisory play
EY has announced the acquisition of Cadence Economics, a Canberra-based economic advisory firm that specialises in applied quantitative techniques including economic data analysis and forecasting, CGE modelling, specialist modelling, policy and regulation across a broad range of industry sectors.
Some of Cadence’s clients include the Master Builders Association; the Department of Environment and Energy; Universities Australia; and the Victorian, New South Wales, Queensland and ACT state governments.
The acquisition of Cadence Economics will see Steve Brown join EY as a partner, Bob Scealy as an associate partner and George Michalas as a director. All three were founding partners of Cadence Economics and were with Deloitte Access Economics prior to forming Cadence Economics.
EY’s latest move in the economics space follows the appointment of prominent economist Jo Masters as chief economist for Oceania.
“This is a very exciting acquisition for EY, enhancing our modelling capability and supplementing our existing strength in economic advisory,” Ms Masters said.
“Being at the forefront of economic analysis, modelling and forecasting is crucial for our clients as they face rapid disruption and change, right across the economy. I am personally looking forward to working with the Cadence Economics team.”
David Larocca, EY Oceania transactions advisory leader, welcomed Steve, Bob and George to the EY TAS team.
“The team from Cadence will increase our capability in economic modelling. They have a unique scalable model that is transportable across borders. This will provide our clients with even better, more accurate information,” Mr Larocca said.
“We now have over 100 people in transactions services providing economic advisory services to clients. The team being Canberra-based also improves our service offering on the ground in Australia’s capital. The Cadence team are a great fit for EY and a boost to our economic modelling credentials, enhancing our ability to provide greater economic insights for clients, particularly in the private sector.”