Growing, but remaining in control. Faced with the consolidation of the accounting sector in Luxembourg, AIBM has opted for a merger between partners rather than joining forces with a financial group. The firm has announced the merger of the practices of Gaëtane Meilleur and Bertrand Leyder. The two partners aim to build an independent firm capable of supporting businesses, executives and families whose interests span Luxembourg, France and Belgium.
The merger comes at a time when firms in the sector are having to cope with increasing regulatory demands and invest in their technological tools. The AIBM press release describes a market that remains fragmented, with nearly 465 groups registered with the Order of Chartered Accountants, but which is highly concentrated in terms of employment. The four major firms are said to account for around 70% of the sector’s 13,800 professionals. This long-standing concentration around major international networks is now being compounded by the acquisition of local accountancy firms by investment funds.
Against this backdrop, AIBM presents its merger as a means of achieving critical mass without relinquishing control over its capital or its decision-making. “The market is changing and becoming more concentrated – that is a reality. Our choice is to grow in a different way: by bringing together two complementary areas of expertise within a firm that remains independent and is entirely managed by its partners,” emphasises Gaëtane Meilleur, a partner at AIBM.
A two-pronged development strategy
The firm aims above all to set itself apart through its cross-border focus. Luxembourg relies on more than 233,000 employees residing in neighbouring countries, according to figures cited in the press release. Around 126,000 are said to come from France and 53,000 from Belgium. Behind these daily commutes lie increasingly complex tax and social security situations. Remote working, bilateral agreements, executive remuneration, the structuring of groups operating across multiple jurisdictions, or the transfer of family wealth may require the coordination of rules across two, or even three, countries.
The backgrounds of the two partners should enable AIBM to cover the two main areas of focus. Gaëtane Meilleur has built her business around relations between Belgium and Luxembourg, particularly with commercial and industrial companies. Bertrand Leyder brings 15 years’ experience in private banking and family office services, specialising in Franco-Luxembourgish wealth management and tax issues.
“Our clients don’t think in terms of borders, but their tax situation does. By combining our two areas of expertise, we can offer them a comprehensive understanding of the issues they face – whether from Luxembourg to France or to Belgium – without ever losing the personal touch that sets us apart,” explains Bertrand Leyder, a partner at AIBM.
AIBM covers accounting, taxation, payroll management, business start-ups, wealth planning and administrative support. The firm also aims to play a more direct role in the management of businesses and the decisions taken by their directors, drawing on an organisational structure described as digital and forward-looking.
The partnership already established with the French network Cogep remains in place. Its teams in Thionville and Talange will continue to work on Franco-Luxembourg cases. The merger is also accompanied by a new visual identity and the launch of a new website.
