Top 25

Private Fund Auditors

League Tables

Year-over-Year
 Terms Used in Our League Tables

Terms and Definitions

• Peer Groups and Values
o Peer Groups were built based on size similarities and their fund and asset rank. For example, every Auditor may not
compete with every other Auditor in the market. Instead, the competition could be intense among similar sized
Auditors. Big 4 Auditors PWC, EY, DELOITTE and KPMG are grouped together as one peer group as they control
majority of the market share and compete among themselves intensely. Likewise other peer groups are created to be
able to analyze meaningfully at Auditor level and at a relative peer group level.
• Market Y-Y Growth
o Year-over-year % growth in total Funds and Assets, based on 100% of ADV filings at our reporting date
• Peer Group Y-Y Growth
o Year-over-year % growth in the Funds and Assets of the entire Peer Group, and individual Auditors
• Growth vs. Market
o Compares the Peer Group and individual Auditor’s growth rate to the Market’s growth rate
• Growth vs. Peer
o Compares individual Auditor growth rate to the Peer Group growth rate
• SOM 21 and SOM 20
o Share of Market at period end 2021 and 2020
• SOM Change
o Signifies whether the Auditor Gained (+) or Lost (-) Market Share in the last 12 months
• Rank 21 and Rank 20
o Convergence ranks each Auditor in order of Fund Assets and Size. #1 signifies the largest
• Rank Changes
o 2020 Rank less 2021 Rank. A positive value means the Auditor improved its ranking
• Not Reported
o Means that the Auditor is Not Reported for some funds.

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 Top 25 Auditors By Funds and Assets-MARKET

Convergence July 2021 Auditor League Tables-Private Funds Convergence July 2021 Auditor League Tables-Private Fund Assets
All July-21 July-20 20-21 20-21 Market Market July-21 July-20 Rank All July-21 July-20 20-21 20-21 Market Market July-21 July-20 Rank
Auditor # Funds # Funds Change Change % Share-21 Share-20 Rank Rank Change Auditor Assets Assets Change Change % Share-21 Share-20 Rank Rank Change
PRICE WATERHOUSE COOPERS 15,780 15,021 759 5.1% 15.9% 16.7% 1 1 0 PRICE WATERHOUSE COOPERS 6,851.74 5,933.76 $917.98 15.5% 28.6% 28.4% 1 1 0
ERNST YOUNG 15,224 14,210 1,014 7.1% 15.4% 15.8% 2 2 0 ERNST YOUNG 6,471.63 5,777.41 $694.22 12.0% 27.0% 27.7% 2 2 0
KPMGRK 11,426 11,361 65 0.6% 11.5% 12.6% 3 3 0 DELOITTE TOUCHE 3,603.93 3,027.09 $576.84 19.1% 15.0% 14.5% 3 4 1
DELOITTE TOUCHE 10,243 9,781 462 4.7% 10.3% 10.9% 4 4 0 KPMGRK 3,564.70 3,235.01 $329.69 10.2% 14.9% 15.5% 4 3 -1
SENSIBA SAN FELIPO 5,487 3,707 1,780 48.0% 5.5% 4.1% 5 5 0 GRANT THORNTON 430.97 371.10 $59.87 16.1% 1.8% 1.8% 5 5 0
EISNERAMPER 3,577 2,578 999 38.8% 3.6% 2.9% 6 7 1 RSM 402.36 317.19 $85.17 26.9% 1.7% 1.5% 6 6 0
RSM 3,089 2,885 204 7.1% 3.1% 3.2% 7 6 -1 BDO USA 384.18 280.96 $103.22 36.7% 1.6% 1.3% 7 7 0
BDO USA 2,268 2,030 238 11.7% 2.3% 2.3% 8 8 0 EISNERAMPER 185.07 157.08 $27.99 17.8% 0.8% 0.8% 8 8 0
GRANT THORNTON 1,773 1,556 217 13.9% 1.8% 1.7% 9 9 0 FRANK RIMERMAN CO 82.98 46.63 $36.35 78.0% 0.3% 0.2% 9 11 2
FRANK RIMERMAN CO 1,189 808 381 47.2% 1.2% 0.9% 10 13 3 MAZARS 65.38 61.25 $4.13 6.7% 0.3% 0.3% 10 9 -1
RICHEY MAY CO 1,134 961 173 18.0% 1.1% 1.1% 11 10 -1 CohnReznick 55.40 48.06 $7.35 15.3% 0.2% 0.2% 11 10 -1
SPICER JEFFERIES 1,081 937 144 15.4% 1.1% 1.0% 12 11 -1 BAKER TILLEY VIRCHOW KRAUSE 52.98 42.38 $10.60 25.0% 0.2% 0.2% 12 13 1
CohnReznick 961 844 117 13.9% 1.0% 0.9% 13 12 -1 PLANTE MORAN 52.38 46.08 $6.31 13.7% 0.2% 0.2% 13 12 -1
WEAVER 583 523 60 11.5% 0.6% 0.6% 14 14 0 MAYER HOFFMAN MCCANN 44.27 37.67 $6.59 17.5% 0.2% 0.2% 14 14 0
PLANTE MORAN 542 474 68 14.3% 0.5% 0.5% 15 15 0 CROWE HORWATH 42.01 34.52 $7.49 21.7% 0.2% 0.2% 15 15 0
BAKER TILLEY VIRCHOW KRAUSE 457 381 76 19.9% 0.5% 0.4% 16 18 2 SPICER JEFFERIES 28.87 24.49 $4.38 17.9% 0.1% 0.1% 16 17 1
COHEN & CO 420 396 24 6.1% 0.4% 0.4% 17 17 0 MOSS ADAMS 27.39 28.11 -$0.72 -2.6% 0.1% 0.1% 17 16 -1
MOSS ADAMS 419 407 12 2.9% 0.4% 0.5% 18 16 -2 COHEN & CO 24.67 18.95 $5.72 30.2% 0.1% 0.1% 18 18 0
MARCUM LLP 371 333 38 11.4% 0.4% 0.4% 19 19 0 WITHUM SMITH BROWN 21.71 14.70 $7.01 47.6% 0.1% 0.1% 19 22 3
WITHUM SMITH BROWN 325 330 -5 -1.5% 0.3% 0.4% 20 20 0 WEAVER 21.00 18.58 $2.42 13.0% 0.1% 0.1% 20 19 -1
CROWE HORWATH 298 249 49 19.7% 0.3% 0.3% 21 22 1 BKD 19.49 17.55 $1.94 11.0% 0.1% 0.1% 21 20 -1
MAYER HOFFMAN MCCANN 273 261 12 4.6% 0.3% 0.3% 22 21 -1 MARCUM LLP 19.12 16.22 $2.91 17.9% 0.1% 0.1% 22 21 -1
MAZARS 271 243 28 11.5% 0.3% 0.3% 23 23 0 RICHEY MAY CO 19.04 7.55 $11.49 152.3% 0.1% 0.0% 23 28 5
BKD 231 209 22 10.5% 0.2% 0.2% 24 24 0 SENSIBA SAN FELIPO 18.29 13.55 $4.74 35.0% 0.1% 0.1% 24 23 -1
DEMETRIUS BERKOWER 205 198 7 3.5% 0.2% 0.2% 25 25 0 Elliott Davis 15.34 13.01 $2.33 17.9% 0.1% 0.1% 25 24 -1
NOT REPORTED 15,953 13,945 2,008 14.4% 16.1% 15.5% 0 0 0 NOT REPORTED 1,196.35 1,078.38 $117.97 10.9% 5.0% 5.2% 0 0 0
ALL OTHER 5,589 5,409 180 3.3% 5.6% 6.0% ALL OTHER 246.13 201.56 $44.58 22.1% 1.0% 1.0%
TOTAL 99,169 90,037 9,132 10.1% 100.0% 100.0% 0 0 0.0% TOTAL 23,947.40 20,868.82 $3,078.58 14.8% 100.0% 100.0% 0 0 0.0%
N OT REPORTED RATE 16.1% 15.5% 0.6% 3.9% 0.160867 N OT REPORTED RATE 5.0% 5.2% -0.2% -3.3% 0.049957

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 Comments on Market Growth

INTENTIONALLY LEFT BLANK

Provide Your observations on the Auditor Market, Key Players in the Market,
Competition in the market, Top Gainers and Top Losers etc and Any additional
observations you wish to make.

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 Fund and Asset Growth and Market Share Analysis
Comparison of All Auditor Peer Groups

INTENTIONALLY LEFT BLANK • INTENTIONALLY LEFT BLANK

• Provide Your observations for Number of • Provide Your observations for Fund
Funds Audited Assets Audited

Peer Group Performance by Private Funds Peer Group Performance by Private Fund Assets
Fund Auditor Y-Y Growth SOM SOM SOM Fund Auditor Y-Y Growth SOM SOM SOM
Peer Group Analysis Growth vs-MKT 2021 2020 Change Peer Group Analysis Growth vs-MKT 2021 2020 Change
Market Growth 10.10% 0.00% 100% 100% Market Growth 14.80% 0.00 100% 100%
Big 4 Peer Group 4.57% -0.55 53.11% 55.95% - Big 4 Peer Group 14.01% 0.95 85.57% 86.12% -
5-10 Peer Group 28.16% 1.79 17.53% 15.06% + 5-10 Peer Group 25.66% 1.73 6.48% 5.91% +
11-25 Peer Group 12.23% 0.21 7.63% 7.49% + 11-25 Peer Group 21.12% 1.43 1.93% 1.83% +
Not Reported 14.40% 0.43 16.09% 15.49% + Not Reported 10.94% 0.74 5.00% 5.17% -
All Other 3.33% -0.67 5.64% 6.01% - All Other 22.12% 1.49 1.03% 0.97% +

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