FEE INCOME at audit, financial planning and advisory services firm Grant Thornton has more than trebled in the past five years to €45 million. Announcing the appointment of Paul Raleigh as its managing partner for a third successive three-year term, the firm said that fee income rose by €31 million since 2003 and it now had 420 staff and partners in offices in Dublin, Limerick and Kildare.

"In 2003 we had fees of €14 million and 120 people," said Mr Raleigh. "We set about a growth strategy based on developing specialist business units and skills to meet the needs of our clients and the changing market."

Mr Raleigh and his management team negotiated and managed mergers with PKF in late 2003 and with RSM Robson Rhodes in June last year. Grant Thornton acquired RSM Robson Rhodes' fixed assets and working capital for about €4.5 million.

At the time of the merger, the firms said they aimed to double their combined fee income to €80 million by 2010 by taking business from the "big four" players.

Mr Raleigh (46) will be the first partner at the firm to serve more than two terms as managing partner. He was originally appointed as managing partner in February 2003.