Alvarez & Marsal

Alvarez & Marsal has continued to expand its global reach during the pandemic, opening new offices in Saudi Arabia, Greece and Singapore over the past two years.

The firm

Alvarez & Marsal’s disputes and investigations offering launched in the early 2000s as a result of its role in the restructuring of accounting firm Arthur Andersen. Over the course of the work, founders Tony Alvarez and Bryan Marsal developed a close relationship with Arthur Andersen practitioners, some of whom joined the firm to pursue lines of business outside the restructuring sphere. Around the same time, the firm hired Bill Abington to officially launch its disputes and investigations practice.

In the UK, Daniel Barton is a managing director with more than 20 years’ experience in forensic accounting. He specialises in cross-border fraud, bribery and regulatory investigations, and is joined by Phil Beckett, who was named as the global head of the forensic technology services practice in 2021 and has particular expertise in analysing complex data sets and electronic disclosure. Beckett also leads the European and Middle East disputes and investigations practice.

Managing director Robert Grosvenor joined the firm in 2020, bringing over 20 years of experience advising on global and cross-border privacy and related data regulation requirements. He works alongside Julian Jones in the London office, who previously worked on the Lehman Brothers’ collapse.

Looking to the US, the firm identifies managing directors in Boston, Chicago, Dallas, Los Angeles, New York and Washington, DC as core members of its investigations practice. Leadership to the North America group is provided by DC-based former federal prosecutor Steve Spiegelhalter, who GIR named as one of the Top FCPA Practitioners

Spiegelhalter is one of eight Alvarez & Marsal individuals nominated in Who’s Who Legal: Investigations. Others include Matthew Bialecki and Robert DeCicco, who reside in Chicago and Los Angeles. Bialecki takes the reins of the East Coast practice. DeCicco specialises in forensics and incident response and previously worked at the National Security Agency.

Another professional with government experience is Bill Waldie. Formerly a special agent for the FBI, Waldie has over three decades of experience in white-collar crime, money laundering and corruption work. He also handles engagements focusing on misappropriation and embezzlement schemes.

One professional known for his attention to detail and communication skills is managing director James Daniell in the firm’s disputes and investigations practice in the Middle East. He has previously worked on recovering assets for the Central Bank of Afghanistan after a US$1 billion fraud. The firm’s forensic offering in the Middle East is reported to have vast experience in large-scale investigations in the region.

Other names to know in Asia are Hong Kong and China practice leader Keith Williamson and Davin Teo, who leads the Asia forensic technology practice. Also based in Hong Kong is Frankie Leung a leading expert in FCPA matters. They were recently joined by Benson Mak, who was appointed as a senior director in August. Mak is a cross-border forensics specialist who previously worked at Baker McKenzie.

Another 2022 hire was former EY forensic and integrity services director Kallia Gavela, who joined in February to lead the firm’s newly established office in Greece.

Notable departures include that of Sergio Moro, the judge who presided over Brazil’s Operation Car Wash bribery investigation. Moro left the firm after just 11 months in 2021 to enter politics, joining centre-right political party Podemos.

Recent Events

Most of Alvarez & Marsal’s recent work and clients are confidential, but the firm has advised businesses in various industries including financial services, healthcare, energy, retail, insurance, life sciences, and telecommunications.

The firm was reportedly hired in 2020 to conduct a forensic audit of Lebanon’s central bank to examine the causes of the country’s long-running financial crisis. The team from Alvarez & Marsal’s US team did not reportedly start work on the probe until June due to funding and information sharing delays.

With a foot still firmly planted in restructuring and insolvency, Alvarez & Marsal was appointed as administrator of health company NMC Health in London and Dubai in 2020. Once valued at some £8 billion, NMC collapsed after short-selling firm Muddy Waters Capital raised allegations of financial mismanagement. Alvarez & Marsal has reportedly said it is working on a strategy with legal counsel to recover losses likely to be in the billions of dollars.

Network

Alvarez & Marsal’s disputes and investigations practice has over 500 professionals working in more than 35 offices across North America, Latin America, Europe, the Middle East and Asia. Its staff can speak at least 18 languages.

Clients

Alvarez & Marsal has acted for the administrator of Lehman Brothers, NMC Health and the Lebanese Central Bank.

Track Record

The firm conducted an investigation into Greek luxury jewellery maker Folli Follie in 2018 that revealed the company had drastically overstated its revenue at its Asia-Pacific businesses. The investigation led to the resignation and eventual prosecution of the company’s chairman.

A team of over 200 Alvarez & Marsal professionals was brought in to support Bryan Marsal as chief restructuring officer of Lehman Brothers Holdings. The firm’s disputes and investigations experts undertook important work in forensic accounting, forensic technology and statistical analysis to help deliver improved returns for Lehman Brothers’ creditors.