Ferguson Associates was formed as a limited liability company in 1978 by corporatizing section 'M' of A.F.FERGUSON & Co, Chartered Accountants (AFFCO), Pakistan. 'M' section which stood for (Management Consultancy Section) was set-up in mid-sixties by Mr. Yousuf Ebrahim Bhaimia - a partner in A.F.FERGUSON & Co. The two entities, FAMCO Associates and AFF (Ferguson) continue to operate closely, drawing synergies of cooperation while fostering specialization in respective areas but keeping the independence of two entities at an arm's length.
The origin of the AFFCO dates to 1893, when Mr. A.F. Ferguson, a Chartered Accountant of Scotland set up his practice in Bombay. The Karachi Office of AFFCO was opened in March 1908.
Between 1910 and 1924 the firm also operated in the Persian Gulf, and, for some years, a branch office was also maintained there.
AFFCO is a member firm of PriceWaterHouseCoopers (PwC) and Ferguson Associates was also a member firm of PriceWaterHouseCoopers.
Due to the provisions of the Code of Corporate Governance of Pakistan and Sarbanes Oxley Act, FAMCO is no longer part of AFFCO or PwC and is now a totally independent management consulting firm.