An organizational shakeup in the deals division of Samil PricewaterhouseCoopers (Samil PwC) is being watched closely in investment circles, as it is expected to have a strong impact as accounting firms grab a bigger share of advisory markets  traditionally dominated by investment banks.

One of the Big Four accounting and consulting firms in South Korea, the company will hold a partners’ meeting to make changes in its deals, assurance and tax divisions as part of chief executive Yoon Hoon-soo’s plan to provide more specialized services for clients, sources said on Wednesday (June 24).

With the heads of teams largely in their 40s, market insiders said the firm has reached a transitionary phase as a new generation of young professionals begins to rise.

Responsible for merger and acquisition advisory services, the deals division currently houses three departments of corporate finance, transaction and financial advisory services, along with their various sub-units.

A notable feature of the reorganization is that each member will belong to two parallel groups within the deals division. Sources said that one will be divided into five or six teams by industry and the other by deal types, such as restructuring and private mergers and acquisitions.

Each team in the group divided by industry will be led by a senior partner who has a title equivalent to managing director, whereas the heads of teams in the other group may be chosen from those with a lower title. The group divided by industry will be responsible for short-term and regular work, while the other group will be in charge of individual projects.

After the changes each team will provide advisory services that range from acquisitions and sales to due diligence. Until now advisory services have been provided by a separate department, depending on the deal process.

Market insiders believe that Samil PwC may take another bold step to revamp its organizational structure, with the latest changes only an experimental move before the firm implements a radical structural overhaul to mark its 50th anniversary in 2021. (Reporting by Ar-rum Rho)