Professional services firm Alvarez & Marsal has launched a Nordics practice. To spearhead the Scandinavian practice the firm has appointed Joerg Weidenfeld, an alumnus of the consultancy, now based in Finland, as a Managing Director.
In line with Alvarez & Marsal’s strategy to grow its footprint in Northern Europe, the global consulting firm – Alvarez & Marsal has around approximately 2,500 employees working from 40 offices globally – has set its sights on expansion in the Nordics. To lead the ambition, the firm has lured Joerg Weidenfeld to return to the firm, and tasked him with building a footprint in the region. Prior to joining Alvarez & Marsal, Weidenfeld served as a Managing Partner of Nordic Restructuring Oy, his own restructuring and performance improvement advisory firm located in Finland. He worked around three years for the US-origin consultancy, between 2007 and 2009.
“As we move into 2016, the opportunities for European businesses to embrace change, become disruptive, streamline and increase customer centricity will be manifold. Against this backdrop, Joerg’s appointment is excellent timing. We are delighted that another A&M alumnus has returned to work for the firm, Joerg brings a wealth of experience across multiple sectors and will significantly bolster our performance improvement capabilities in the Scandinavian region,” says Tony Alvarez III, Managing Director at Alvarez & Marsal.
According to Weidenfeld, there are “very good” growth opportunities in the region, and, on the back of the uptick, the respective consulting markets too have seen growth return to the scene. Last year the Swedish consulting market grew by 5.5% to a value of just under €800 million, making it the largest management advisory industry in the Nordics, while Norway’s consulting industry grew by 5% to a value of €579 million. Data stemming from the Danish association of consulting firms reveals that its market too has been buoyant of late – turnover now stands at a level 20% higher compared to 2010.
“A&M is globally renowned for its performance improvement and business transformation capabilities; this attracted me to the firm back in 2007 and its heritage – alongside its growth into other dynamic areas – was a strong drawcard for me in returning to the business. The European side of the firm has dramatically evolved and expanded since my previous time with the firm, and I’m looking forward to using my experience in Scandinavia to bring A&M’s unique offering to businesses across the region and continue its European growth,” comments Weidenfeld.
The Nordics region will initially focus on operational and financial solutions, with a focus on corporates and financial institutions, says Weidenfeld. Concrete growth targets have not been disclosed by the firm.