Global fee income at Ernst & Young grew 15% in 2007 to hit $21.1bn (£10bn), the firm revealed last month.

E&Y's transaction advisory services saw the most rapid growth, recording a 29% jump in fees to $2.5bn, fuelled by demand from private equity clients and emerging markets. Tax revenue, at $5.6bn, was up 18%, while its assurance business grew by more than 16% to reach $14.5bn.

Following 'strategic investment' by the firm, business in China, India and Russia grew by more than 30%. Jim Turley, the firm's international chairman, said: 'Our global integration efforts recognise the profound changes occurring in the broader business environment, including rapid globalisation and the rise of the emerging markets.'

The results put E&Y third among the Big Four international networks. PricewaterhouseCoopers had fee income of $25.2bn in 2007, while Deloitte recorded $23.1bn. KPMG, which is expected to publish its results shortly, revealed fee income of $16.9bn in 2006.