Following its recent membership of New Jersey-headquartered global network JHI, advisory firm W&D plans to capitalise on opportunities to expand its business capacity by serving the needs of multi-national clients, managing partner Dunstan Magro told The Times Business.
“As international business activity continues to grow, knowledge of global markets, their unique requirements and potential pitfalls are becoming even more essential,” Mr Magro said.
“JHI is one of the largest associations of its kind, powering a collective global presence through local expertise in all major economic regions of the world. Its members provide a range of accounting, auditing, tax and management consultancy services, and now our office is in a better position to cater to local and international clients.”
Mr Magro said W&D was now able to tap JHI’s comprehensive portfolio of knowledge-exchange and networking fora and programmes to enhance the local firm’s expertise. The network offered many opportunities for personal relationship-building, facilitating connections with other member firms to cater for the requirements of globally active clients.
Additionally, W&D planned to take advantage of potential staff development opportunities through secondment across the network.
The Birkirkara company has its roots in an audit, accounting and tax services practice established by Mr Magro’s father Winston Magro in Valletta in 1994. Mr Magro Snr had just resigned from the Inland Revenue Department following 23 years’ service and operated as a sole practitioner while his son and his daughter-in-law contributed to the business part-time as they completed their degrees.
Mr Magro and Diane Magro Delia trained with a Big Four firm before joining the Magro practice as partners in 2009. It was then renamed W&D and began to evolve into a multi-disciplinary audit and business advisory offering. They now lead a team of 11 with Mr Magro Snr, now retired, as consultant and mentor.
With a broad portfolio encompassing owner-managed and family businesses, international players and high net worth individuals under its belt, W&D toyed with the idea of joining an international name before formally applying for membership of JHI last year.
“We wanted to find the right network which shared our same values and vision for the future and with which we could identify,” Mr Magro recalled. “JHI vetted W&D on technical ability, management organisation, office reputation and personnel standards and moral and ethical standards exemplary of the profession. JHI also scrutinised our office’s potential contribution to the network and a commitment to participating in JHI conferences, committees, and events, and our adherence to local quality control programmes.”
Mr Magro presented a detailed company profile at JHI’s International Conference in Dublin in November 2009 and was interviewed by JHI’s Regional Executive Committee in Brussels a few months later.
W&D was officially recognised as Malta representative for JHI at the EMEA regional annual conference in Brussels soon afterwards.
“Malta’s professional services firms generally do a great job,” Mr Magro said. “Our own mission statement encapsulates four pillars – trust, commitment, solutions and value. This creed has been fully understood by all members of our firm and is now an integral part of our corporate philosophy and ethos.
“Our aim is to continue to grow – not only organically but also by attracting new business. In five years’ time we hope to not only have consolidated our current achievements, but to have further enhanced additional services through investment in our teams and in our related companies, W&D Magro Co Ltd, W&D Corporate Services Ltd and W&D Fiduciary Ltd.”