EQT is backing the launch of WTS UK, a new tax advisory platform led by former EY executive Jeff Soar, as private capital expands its presence in the professional services sector, the FT reports.

The new firm aims to challenge the tax advisory businesses of the Big Four firms — Deloitte, EY, KPMG, and PwC — which together dominate the UK tax advisory market. 

Soar, who previously led EY’s global law practice, has recruited 10 partners ahead of the launch and plans to scale the firm rapidly. WTS UK aims to reach around 100 partners within five years, equivalent to roughly 60% of EY’s UK tax practice.

The business forms part of the international WTS network of tax advisory firms. EQT invested in the platform last year and is expected to provide more than €500m, approximately $540m, to support its expansion.

WTS UK plans to operate with a leaner structure than the Big Four firms. The model will emphasise senior partner expertise and reduced administrative overheads.

Private equity investment in professional services has accelerated in recent years. Cinven acquired a majority stake in Grant Thornton UK in 2024, while Warburg Pincus pledged $300m to back the launch of advisory platform Unity Advisory.

According to Research and Markets, the Big Four generated roughly 80% of the £5.6bn UK tax advisory market in the 2024–25 financial year.

The launch highlights how private capital is reshaping professional services, historically dominated by partner-owned firms, as investors fund new platforms designed to compete with the industry’s largest players.

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