Alvarez & Marsal celebrates strong growth in the Greater China market
China has become a cornerstone of Alvarez & Marsal’s global expansion roadmap, with the firm tripling its headcount in recent years and cementing its position as a major force in the country’s consulting market.
Alvarez & Marsal established its first on-the-ground presence in Greater China with the opening of its Hong Kong office in 2005. It then launched a Shanghai office in 2008, followed by a Beijing office in 2011, further strengthening its ability to serve clients in the country’s political and financial centre.
Most recently, in 2024, the firm opened its fourth Greater China office in Shenzhen, underscoring its commitment to supporting the region’s dynamic cross-border investment and innovation hub.
After two decades of steady progress, the firm’s growth in China has accelerated sharply: since 2020, Alvarez & Marsal has tripled its headcount and quadrupled revenues, while cementing its reputation as a trusted partner for domestic enterprises, global multinationals, and private equity funds operating in China and Hong Kong.
“China has always been a market of strategic importance to Alvarez & Marsal,” said Bryan Marsal, Co-Founder and CEO. “Our expansion reflects a long-term commitment: not just to growth, but to building a platform that helps Chinese businesses navigate transformation, complexity, and opportunity. We’re here for the long term, investing in leadership, capabilities, and partnerships that will shape the next decade of business in China.”
Core services
Alvarez & Marsal’s service portfolio in China is anchored by four core business units: Performance Improvement, Restructuring & Turnaround, Disputes & Investigations, and Private Equity. Since 2020, these practices have scaled rapidly in response to rising demand from Chinese corporates facing operational complexity, regulatory shifts, and cross-border challenges.
The Performance Improvement team is now the fastest-growing business unit in China, leading initiatives in operational excellence, digital transformation, and cross-border growth. The Restructuring practice, globally recognized as the industry’s market leader, has strengthened its onshore capabilities through numerous high-profile hires.
The Disputes & Investigations team has tripled in size, adding forensic technology capabilities and expanding into crypto advisory and financial crime investigation. Meanwhile, the Private Equity team has continued to grow across all four China offices, helping private equity firms and portfolio companies drive growth and value creation.
Areas of expansion
Beyond these core offerings, Alvarez & Marsal has expanded its footprint by introducing its well-established Financial Services, CFO Advisory, and Debt & Capital practices in the Chinese market.
“China’s operational environment has grown increasingly complex after decades of rapid expansion. Market volatility, shifting supply chains, rapid digital adoption, and an evolving regulatory landscape are prompting clients to seek advisors like Alvarez & Marsal,” said James Dubow, Managing Director and Co-Head of North Asia.
“As a diversified consultancy with deep functional and industry expertise, we bring the perspective of former operators, C-suite executives, and industry experts, acting as agile change agents and trusted advisors compensated based on outcomes.”
Similarly, the consulting firm has expanded its senior ranks to support a widening industry footprint, investing heavily in key sectors including healthcare, automotive, industrials, retail, and financial services.
Wei Zhu, Managing Director and Co-Head of North Asia, stated: “With strategic hiring and the expansion of our business offerings, we are strengthening our ability to serve clients across the lifecycle of their operations and deliver integrated solutions that reflect the realities of doing business in China and beyond.”
