A total of 23% of the partners are from ethnic minority backgrounds, and two identify as Black or Mixed-Black.

EY has added 120 equity partners, 75 of whom have been promoted internally and 45 hired externally.

The firm said the new appointments reflect EY’s increased investment in its sectors, service lines and regional business, including in areas such as audit, technology consulting, EY-Parthenon, financial services, sustainability, energy and consumer products.

EY has set ambitious targets to increase the proportion of female and ethnic minority equity partners in its UK business to 40% female and 20% from ethnic minority backgrounds (of which 15% will be Black) by July 2025.

Hywel Ball, EY’s UK chair, said: “Our new Partner appointments reflect a significant investment in our people and business as we seek to meet growing client demand. With companies facing a convergence of challenges, from climate change and the pandemic to economic uncertainty and shifting consumer habits, we’re investing in the talent and skills needed to help our clients transform, grow and build trust with their stakeholders.

“Elevating the associate partner role is also a particularly special moment as we recognise the contribution of our exceptional and talented colleagues. This is a great opportunity for us and one that really underlines our commitment to our people’s careers while meeting the needs of our clients.

“Overall, today’s announcement reflects that we’re investing across all parts of our business and across all parts of the UK.”