By Jim Kent

EY has nearly doubled its annual revenue in the past five years. Let that sink in. Despite COVID, geopolitical tensions, and a flat local economy, the business development team has consistently delivered — averaging 12% annual compounded growth.

The announcement of their annual results comes as senior partner Olivier Coekelberg moves into a European role.
Industry insiders know Coekelberg as sophisticated, charismatic, and polished — qualities that have made his tenure a success. He was born for the job, and has been a strong rival to Parkhouse (PwC) and Psaila (Deloitte).
EY reported growth across all major practices: Tax, Strategy & Transactions, Consulting, and Assurance. Looking ahead, the firm sees Managed Services as the main engine of future expansion — and this will also be Coekelberg’s new focus at EU level.

When the Big 4 talk about managed services, their pitch is familiar:

1. Shift from CapEx to OpEx → “You don’t need to invest in systems or headcount.”
2. Regulatory confidence → “We know the regulators, so let us run the compliance engine.”
3. Talent shortage solution → “We provide the skills you can’t hire fast enough.”
4. Scalable pricing → “You pay for outcomes, not overhead.”

These messages resonate strongly with Luxembourg banks and funds. And with EY hiring 320 new staff in September 2025, there’s every reason to believe new senior partner Alban Aubrée will build on this momentum.

At the same time, Alternative Funds remain a critical growth driver. But expansion is uneven: European PE firms still complain of excess dry powder and too few transactions. In contrast, the US recorded a 40% increase in exits in the first half of 2025 — although Trump’s tariffs quickly dampened the mood.

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5 Facts About EY in Luxembourg:

• Employees are only required to work in the office three days per week.
• No plans to open an outsourcing center abroad for Luxembourg services. But with the current office at full capacity, the firm is looking for new locations. “We want to stay close to our clients, to stay face-to-face,” said Aubrée.
• Technology is central to EY’s future plan. Aubrée notes: “We are moving from a human business to a human-and-tech business.”
• Clients are increasingly discussing cloud and security solutions with EY, but the firm has not committed to any single major tech partner. Long-term associations exist but remain loose.
• One year ago, the Global Head emphasized unity: “We are all in, teaming for growth. We don’t see the value of separating Audit and Consulting.”