The world’s fifth-largest accountancy network announced the move as part of a “strategic reset” intended to “ensure a strong and sustainable future”.

Chief executive officer Pat Kramer stated: “Choosing independence is a conscious decision made from a position of strength. This approach ensures that we remain in control of our destiny while continuing to build a future-proof organisation.”

BDO’s decision stands in stark contrast to its rivals. Grant Thornton has recently permitted member firms to accept investment from private equity firms Cinven and New Mountain Capital. Baker Tilly has also seen Valeas Capital, Hellman & Friedman, and Inflexion take stakes in some of its members, with its German arm reportedly open to a similar deal.

While BDO is now shunning equity deals, its US offshoot borrowed $1.3 billion (c. £1bn) from Apollo Global Management in 2023 to fund an employee ownership plan. The high cost of servicing this debt has reportedly forced the American firm to implement cost-cutting measures and job reductions in recent months, Bloomberg reports.

The announcement was accompanied by a series of executive changes. Trond-Morten Lindberg will succeed Pat Kramer as global CEO in 2026, and Tony Schiffmann will take over as global chair next month. BDO employs more than 92,000 staff in 882 offices worldwide.