The FAS practice comprises M&A, real estate and pensions. In December 2010, the capital markets and Actuarial & Insurance Solutions (AIS) activities of FAS were transferred to Enterprise Risk services (ERS) in order to create the service line Financial Risk Management (FRM) aimed at the financial services industry.
During 2010/2011, FAS was affected by the uncertainty in the M&A and real estate markets. This led to further decline in our corporate finance business in particular. However, M&A activities picked up in late 2010 and while real estate remained weak, some recovery took place in the corporate market. Despite growth during the second half of the year, our total turnover decreased by 5%, with operating results staying at an equal level.