search-consult Issue 14

The International Executive Search Magazine

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ISSUES: www.search-consult.comS U B S C R I B E O N - L I N E

search-consult speaks to all themajor players in the ExecutiveSearch story of the year

Ray & Berndtson:The inside story

Search in FinancialServices-In-depth Review

AESC Conference on Governance

The International Executive Search Magazine

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Search in FinancialServices-In-depth Review

AESC Conference on Governance

Ray & Berndtson:The inside story

search-consult speaks to all themajor players in the ExecutiveSearch story of the year

S E A R C H - N E W S

3ISSUE 14 2002 search-consult

search-consultMANAGING DIRECTORJason Starr

[email protected]

EDITORIALPilar Gumucio

[email protected]

PRODUCTIONMargaret Jaouadi

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Front Cover: Clockwise from top left: Richard

Boggis-Rolfe, Odgers Ray & Berndtson; Paul Ray

Jr., A.T. Kearney Executive Search; Steven Fisher,

A.T. Kearney Executive Search. Photography

courtesy of respective companies.

© Copyright 2002-2003 Dillistone Systems Ltd

Survey Indicates BonusPayouts For 2002 MaySuggest Economic Rebound

TMP Executive Search Announces Spin-Off

A SURVEY BY MERCER HUMANResource Consulting found that morethan 60% of US companies will begiving bonuses this year that are thesame or larger than the bonuses givenin 2001. This finding is making someemployees optimistic that theeconomy is rebounding as 22.7% ofthe companies surveyed expect to giveeven larger bonuses than in 2001.

According to Steven E. Gross, wholeads Mercer’s compensationconsulting in the U.S., “Employershave been doing a good job of costcontrol, and that’s allowed some toexceed bleak performance forecastsfor the year. So while most are stillholding the line on base payincreases, we are seeing a rebound inbonus pay this year at someorganizations.”

QUARTERLY REVENUES FOR THEexecutive search division of TMPWorldwide fell 31% in the thirdquarter to $16 million from $23 milliona year earlier. Commissions and feestotalled $15.9 million, compared to$22.9 million for the same period lastyear.

Total revenue for the New York firmwas $284 million, a 21% drop from$361.2 million a year ago. Andrew J.

McKelvey, Chairman and CEO of TMPWorlwide, said results had beenaffected by slow economic activity andsluggish European labor markets. Hesaid, “Moving forward, we willcontinue to right-size our business,and believe that the planned spin-offof our eResourcing and ExecutiveSearch units into a separate companywill allow both organizations to moreclearly focus and capitalize on theircore competencies and markets.”

www.search-consult.com NEWS


DHR International Acquires R.W. Elam & Associates

CHICAGO-BASED EXECUTIVE SEARCHfirm, DHR International, has recentlyacquired R.W. Elam & Associates, a Dallas-based firm. This acquisition significantlyenhances the firm’s presence in Dallas.Founder and Managing Director of R.W.Elam & Associates, Robert Elam, joins DHRInternational as Executive Vice President inthe Dallas office. He said, “Combining R.W.Elam & Associates and DHR Internationalgrants the opportunity for a monopoly in

the Dallas region. I am very enthusiasticabout the integration of the two firms”.

David Hoffmann, Chairman and CEO ofDHR International, comments, “Mostexecutive search firms have found thecurrent state of the economy to bedisastrous to their business operations.DHR is responding to the current state,while preparing for the turn in theeconomy, and with that have acquired fourexecutive search firms since November 2001. “


S E A R C H - C O M P A N Y


atAll ChangeRay & Berndtson

By Jason Starr

When the executive searchindustry makes theinternational business press, it

tends to be in the context of a scandal -the background checking stories of lastyear being a case in point. One story thatwas not a scandal but did achievesignificant coverage in the media was theacquisition by A.T. Kearney ExecutiveSearch of “Certain Assets” belonging toRay & Berndtson. Sadly, the vast majorityof the coverage was inaccurate.

This is hardly surprising, however,when it is considered that many of therecruitment publications also reported theevents of the summer inaccurately. Now,the three major players in this story: PaulRay Jr. (the former CEO of Ray &Berndtson), Stephen Fisher (President ofA.T. Kearney Executive Search) andRichard Boggis-Rolfe (CEO of Odgers Ray& Berndtson) speak exclusively to search-consult.

To understand what actually happenedover the last few months, the reader mustunderstand the structure of Ray &Berndtson. Unlike firms such as Heidrickand Struggles and Korn/FerryInternational, Ray & Berndtson is madeup of a number of independent firms,each of which is locally owned. These

firms all own shares in the ‘coordinatingparent’ Executive Search International(ESI).

Richard Boggis-Rolfe, CEO of OdgersRay & Berndtson - a member firm of Ray& Berndtson’s network - believes thatthis structure is beneficial for clients andstaff: “Every office responds to its ownmarket conditions in the most appropriateway instead of following corporate policylaid down in a head office thousands ofmiles away. When a client deals with anyof our offices, they are dealing with a real

partner - the person the buck stops with.This is much better for clients thandealing with an employee of an overseassubsidiary.”

However, the networks’ biggeststrength can also prove to be its biggestweakness. Over the years, a number ofnetworks have been damaged whenmajor partners have left - perhaps themost notable example being the oldAmrop International network, which lostmembers in the US, UK and Germanywithin a short period of time during theIPO boom. In this case, however, it wasnot growth opportunities that lead to theproblems. The US Ray & Berndtsonbusiness found itself with a high, fixed,cost base, in an abrupt revenuedownturn. Like other firms in theindustry, the business made a series ofcutbacks.

By summer, rumors circulated withinthe industry; the firm was about to bebought by its European partners; the firmwas about to be bought by A.T. Kearney.

The first deal to be completed tookplace in July 2002. Odgers purchased theright to use the Ray & Berndtson brandand the logo of the old Paul R. Ray firm inthe US and in Japan along with thesource code for the Ray & Berndtson

Paul Ray Jr.


6 search-consult ISSUE 14 2002

“Searchnet” software system for acombined fee of $250,000. “We looked atthe other assets but, in the end, althoughthere were still a few good people, wewere not attracted with what was onoffer,” says Boggis-Rolfe.

By this time, a number of partners hadleft the US business. At the beginning of2002, Ray & Berndtson had 33 partnersin the US. By June, this number haddropped to 27.

Talks continued throughout thesummer. Paul Ray Jr. was interested incompleting a deal that would enable thenew business to retain as many of hisexisting staff as possible. Stephen Fisher,the recently appointed President of A.T.Kearney, was keen to grow his businessand so, eventually, a deal was struckwhereby offers were made to over 50partners and staff. “The underlyingreason for the deal was to expand thebusiness and hire Paul Ray, Jr. as well as,in mass, a group of successful partnerswith significant track records, theirsupporting staff and assets, includingtechnology and goodwill,” Fisher said.

What were these assets? Fisherexplains, “They are the Ray & Berndtsontechnology platform; the database, theresearch tools. We also purchased thePaul R. Ray & Company trade name.”

As part of the deal, A.T. Kearney paidoutstanding bonuses to partners of the USfirm.

At the same time the A.T. Kearney dealwent through, Odgers opened an office inNew York under the Ray & Berndtsonbrand that they had acquired. The officewas to be run by Bill Weed - a 10 yearveteran of the Ray & Berndtson Group.

According to Boggis-Rolfe, the plan for

the ‘new’ Ray & Berndtson is to maintaina local presence in the short term and toquickly rebuild the US business.

“Our preferred plan is to recruit a small,high quality new team in New York. Billis leading the search. Then, havingestablished a firm base, to merge withspecialist boutiques or recruit individualsboth there and in other major centers.ESI and its member firms will invest inthe new American business, but it is ourintention that R&B America should be runby American professionals and that theAmerican partners should own themajority of the equity…. We are activelyengaged in this exercise.”

These are the facts behind the Ray &Berndtson story; but they pose as manyquestions as they answer. Outside of theUS, Ray & Berndtson remains one of thestrongest Search networks. In revenueterms, the business is still ranked sixth inthe World, while in many countries -notably Canada and Germany, the groupholds a top two position. In the UK,Odgers Ray & Berndtson is one of fewlocal firms to be reporting improvingfigures in a tough economic climate.

The US business obviously sufferedfrom severe economic conditions but,many observers feel, it also suffered froma lack of preparation for the dramaticreduction in revenues, as it worked withoperating costs that were set up for amuch larger firm. One observer close tothe deal commented that, “In terms of realestate, compensation packages and IT,Ray and Berndtson Inc. were spendingsubstantially more than they could afford.It was corporation costs on smallcompany revenues.”

According to Paul Ray, this only becamethe case when the market began tosharply deteriorate and the firmattempted to take appropriate steps toaddress it.

A.T. Kearney invested $1,000,000 onthe source code for the SearchNet system,for a brand - Paul R. Ray and Company -which has not been used since 1997, andfor a degree of goodwill from Paul Ray,the partners and the US client base.Given that Odgers had already acquired

use of the current brand - Ray &Berndtson - the logo - and the samesource code for just one quarter of thefigure invested by A.T. Kearney, it must beassumed that for the acquirer the realbenefit must have been in the goodwill,technology/ development team and thepartners.

Looking first at the issue of the brand,in the press release announcing the A.T.

Kearney deal Stephen Fisher is quoted assaying: “For nearly 40 years, Ray &Berndtson has been known for greatclient service, innovation and integrity inrecruiting top-level executives.”

This is fundamentally true; Ray &Berndtson is a highly regarded brand andPaul Ray Jr. is certainly held in thehighest of esteem by colleagues andcompetitors alike.

Fisher and Ray believe, however, thatthe Ray & Berndtson brand is only part ofthe story.

“From our perspective, both Ray &Berndtson and A.T. Kearney are excellentbrands. However, I believe that the PaulR. Ray and Company brand is equallywell known. I would argue that, in theUS, the Ray & Berndtson brand and thePaul R. Ray & Company brand areinterchangeable,” comments Fisher.

Ray concurs, “I think that there is equityin both names. The company traded for36 years, and for 25 of those years, it was

Richard Boggis-Rolfe

“.The US Ray & Berndtson

business found itself with a

high, fixed, costbase, in an abruptrevenue downturn.”



known as Paul R. Ray and Company”.Boggis-Rolfe clarifies that, “as part of ourdeal, Paul agreed that the Paul R. Rayname will not be used in any way whichcould link it to the Ray & Berndtsonbrands.”

Despite the apparent value in thenewly acquired brand, the likelihood isthat the enlarged business will continueto trade under the A.T. Kearney ExecutiveSearch moniker.

“That is the thinking. We have givensome thought to the matter, but it wouldbe a little confusing to be competing withRay & Berndtson under such a similarname,” remarked Fisher.

So, in that case, logic would dictate thatfor A.T. Kearney, the key issues must havebeen either technology or goodwill.

As the discussion turns to technology,search-consult would like to remind ourreaders that our parent company,Dillistone Systems, is a publisher ofsoftware for executive search firms.

Within this context, it is also important tonote that a number of member offices ofRay & Berndtson use the FILEFINDERsoftware.

A.T. Kearney has acquired theSearchNet source code and plans todevelop the system internally. As part ofthe July deal, Odgers also acquired thesource code and, therefore, had a similaroption. During the summer, with input

from the US SearchNet development teamin Fort Worth, an evaluation project tookplace, comparing the costs and benefitsassociated with developing SearchNetwith the costs and benefits associatedwith working with an independentsupplier. Odgers and a group of non-USRay & Berndtson firms using SearchNetdecided that the best option in terms ofboth cost and functionality was tostandardize on the FILEFINDER system.

The conclusion, therefore, would seemto be that the underlying reason for thedeal was to expand business with a groupof successful partners, in addition tosupporting staff, goodwill and technology.

If this analysis is correct, it can only beassumed that the “acquisition of certainassets” was significantly less important toA.T. Kearney than the goodwill thatwould come from hiring Paul Ray Jr. andas many of his partners as possible,because the technology, itself, would beof little use without them.

This argument is supported by a claimmade by one person close to the deal,who believes that A.T. Kearney just paidbonuses to partners who - in some casesachieved only negligible client billingsduring the first six months of the year.

From his perspective, Fisher certainlybelieves that these additions willstrengthen the business.

“The main thing that immediatelyattracted me to Ray & Berndtson was thefact that we were very complimentaryboth in terms of Geography and PracticeGroups, and the partners had excellentrelationships and reputations with theirclients. These hires have enhanced ourstrength in all of our markets.”

Even prior to the deal, A.T. KearneyExecutive Search was heavily focused onthe US market, with roughly 70 percent ofbusiness centered in that market. Willthe firm take steps to strengthen inEurope?

“We are certainly growing, but the onlyway that we can do grow in a similar rate(the dramatic increase in size seen in theUS) would be through the acquisition ofanother business. However, our basicplan is to target small groups or

individuals rather than look foracquisitions. Having said that, if we wereto be presented with an opportunity thatmade sense, we would certainly exploreit,” comments Fisher.

From the perspective of the “new” Ray& Berndtson US business, Boggis-Rolfe isconfident of the future: “Obviously, in theshort term this has been a headache forus. However, it is more of an opportunitythan a problem. We have a business witha superb brand, no debt, no unpaid

bonuses, no SearchNet costs and anestablished international network. I thinkthat an awful lot of top professionals andboutiques would find joining us to be veryattractive indeed.”

On the face of it, it would appear thatA.T. Kearney have gambled $1,000,000and a significant ongoing cost on thehope that, they will be able to retain anddevelop a significant proportion of theclient base. Odgers and the Ray &Berndtson network, however, have takenthe stance that a combination of a cleanslate and a proven brand, along withselective acquisition of talent (be itthrough individuals or boutiques) willprove to be the more effective to developthe US market. It will be interesting tosee what develops.


For more information, contact:

Web: www.rayberndtson.com

“On the face of it, it would

appear that A.T. Kearney

have gambled $1,000,000

and significant ongoing cost

on the hope that, theywill be able to retainand develop asignificant proportionof the client base.”

Stephen Fisher

S E A R C H - R E V I E W


andfocus onAESC Madrid Conference:

Corporate SearchDiversification

By Peter Felix

Convening in Madrid at the RitzHotel for the 6th EuropeanConference of the Association of

Executive Search Consultants, seniorsearch consultants from the EU countriesand representatives from Turkey, Indiaand Russia, met to discuss the changingenvironment for Executive SearchConsulting.

Peter Felix, AESC President said, “Thesignificant attendance by quality searchfirms from across Europe shows that theAESC is now the main forum in Europefor the executive search business. Theconference provided an opportunity formembers to gain a perspective onmarket developments and to comparenotes in handling the current recession.In particular it provided a forum forEuropean consultants to review theimpact of the Corporate GovernanceCrisis that has been ravaging the US andthe potential that this creates for Boardconsulting services. By holding theconference in Spain we were able to

shine a spotlight on executive search asa professional service that has growngreatly in significance during the recentrenaissance of the Spanish economy.”

IMPROVING CORPORATE GOVERNANCEIN EUROPE

Dr. Jordi Canals, Dean of IESE, theleading Spanish Business School, set thescene for the Conference with anoverview of the Corporate GovernanceCrisis that was now finding its way intoSpain and was the subject of muchdebate there.

Placing much of the responsibility forthe worldwide crisis at the door of theinflated marketing and finance culturesthat have been so prevalent in recentyears Dr. Canals believed that ahistorically ‘unilateral’ attitude by topmanagement was to blame. Instead offocusing on organic growth, companiesand their CEOs have been caught up in aspiral of market inflation via financialengineering, acquisition strategies andunconstrained inflation of companyprospects. Risky international expansionof companies, trade conflicts, and eveneconomic crises in emerging countrieshave resulted; finally this had lead to the

“The need to

professionalize Corporate

Governance provided

considerable opportunities

for Executive Search.

Board work is,however, less wellcompensated andextremely sensitivebut very rewarding.”



erosion of trust in public companies andtheir leadership.

Disregard for traditional indicators ofcorporate success lead many down apath of reckless optimism therebycreating an economic bubble of giganticproportions. The investment bankingindustry helped fuel these fires bypromoting bigger and bigger deals andconvincing investors that the paradigmof economic growth had changed. Insome instances the final ingredient ofdisaster was deception by managementand negligence by Boards of Directors.

Now that the party is over and we arecounting the cost, Dr. Canals suggestedthat a return to more rationalmanagement and corporate governanceis essential. This cannot be achieved bylegislation but only by responsible self-government. The recent debate in theUS and now in Spain (November 7thdraft law and the Aldama Commission)about the need for new regulations incorporate governance, will onlycontribute in small measure to the majorchanges that are needed.

The real solution to corporategovernance actually has little to do withrules, and everything to do withimproving the decision making process.The application of traditional values ofresponsibility and integrity are key towhatever success will be achieved inrestoring public confidence. In thisrespect the division of the roles ofChairman and CEO may be helpful.

The Dean suggested that managementmust not: (1) overvalue companies andrelated financial indicators, leading tooveroptimistic business forecasts; (2)focus decision making only on companygrowth and financial outcomes; (3)confuse means with goals, because ofthe tendency toward manipulation ofgoals.

To create a new wave of institutionswith social, not just economic, value willrequire: a renewed focus on buildinggreat companies and a profound shift inthe role of top managers towards thedevelopment of core managementcompetencies and the true engagement

of all members of an organization towarda common goal.

CORPORATE GOVERNANCE - THE ROLEOF THE BOARD AND IMPLICATIONSFOR EXECUTIVE SEARCH

The practical aspects of CorporateGovernance were further debated by apanel of experts chaired by Manuel Soto,a leading independent director in Spainand including John de Zulueta,Managing Director of Sanitas, theSpanish Health Insurance Group, andJoaquim Agut, Executive Chairman ofTerra Lycos, the internet andcommunications group. Joined by AESC

Europe Chairman Didier Vuchot ofKorn/Ferry, Fransisco Gasset of SpencerStuart and Dr. Florian Schilling ofHeidrick & Struggles, the panel alsodiscussed the implications of theCorporate Governance Crisis for theexecutive search profession.

KEY IDEAS FROM THE DISCUSSIONINCLUDED:● Companies should avoid the

recruitment of ‘glamour’ CEOs whooffer an illusion of strategic promisebut may destroy a good companythrough risky strategies. There shouldbe more focus on the longer termdevelopment of internal talent.

● Fundamental personal characteristics

such as integrity, flexibility and areceptive attitude are often as much akey to executive success as grandstrategies or corporate vision.

● American CEOs are more than likelythan CEOs in Europe to manage forshort term gain in order to influencestock prices.

● Board members are often inhibited inasking critical questions that require a“third” question going beyondsuperficial answers from management.

● CEO and senior managementcompensation schemes should includea fixed portion (salary), a short-termincentive portion (bonus), a mediumterm incentive (3 year bonus) and alonger term incentive portion(options).

● Many potential Board candidatestoday will not even listen toopportunities, due to increased riskand time commitments.

● Prestige of serving on a Board is nolonger enough to motivate candidates.They must (1) be compensated more,(2) feel that they would have theopportunity to have a voice andbenefit from the experience, and (3)have good D&O insurance.

● Board membership should rotate often,in order to generate new ideas andviewpoints.

● Board members should own shares inthe company they serve in order toobtain full commitment.

● Board evaluations should be anintegral part of a more professionalapproach to Corporate Governance e.g.in Germany where they are verythorough.

● The need to professionalize CorporateGovernance provided considerableopportunities for Executive Search.Board work is, however, less wellcompensated and extremely sensitivebut very rewarding.

EXECUTIVE SEARCH FIRMS ANDHIRING ORGANIZATIONS - BUILDINGVALUE THROUGH PARTNERSHIP

David Lord of Executive SearchInformation Services lead a panel

Peter Felix



discussion of Human Resource Directorsincluding Karen Hoggard of Merrill LynchInvestment Management, Jesus Vega ofInditex and Cosme Furlong of Cemex.

KEY IDEAS FROM THE DISCUSSION:● Most large international companies

today have a short list of globalpreferred providers, but also useemploy local boutique firms withspecialized expertise.

● Terms and conditions are driven moreby the large client now than by thesearch firm. Traditional terms are lesscommon.

● They do not generally look to theirsearch firms for add-on services and inrecessionary times have little budgetto allocate to such services.

● However, they do look to firms to belong term partners and stress theimportance of a strategic relationshipbetween hiring organization andsearch firm.

● A successful search is quality,achieved in the least time possible.

● A high level of trust in the search firmis crucial.

● Differentiation between search firms isvery small.

● Search assignments fail when thesearch firm does not truly understandthe company’s culture and does notengage as a partner.

● Search firms should be consistent,have a professional, quality orientedapproach, and avoid diversificationsolely for the sake of gaining revenue.

● Client ‘Quality’ surveys by the AESCwould be welcomed. The Executive Search panel, also

moderated by David Lord, consisted ofLuca Pacces, Spencer Stuart, Italy; MarcSwaels, Korn/Ferry, Belgium; BengtLejsved, Heidrick & Struggles; andStephen Bampfylde, Amrop Hever, UK.

Key ideas from the discussion:● Belief by larger firms that clients want

solutions, not transactions, thereforefirms need to broaden their serviceportfolios.

● Belief by smaller firms that coaching

and other services have inherentconflicts of interest with executivesearch that can be difficult to manage.

● Partnership with clients to betterassess their own needs improvesmatching of candidate to company andadds greater value.

● Importance of building a “shared logic”with clients to help the two partiesmake better decisions together.

● Predictions for non-search revenuesamong firms 5 years in the future:● Heidrick and Struggles 30-40%● Korn/Ferry International 10-15%● Spencer Stuart 20%● Amrop Hever Group less than 5%

● Agreement by panelists on the needfor better measures of quality in searchassignments and the linking ofrewards to quality performance.



Web: www.aesc.org

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S E A R C H - M A R K E T


Navigating

Search in Financial Services:

through the

StormBy Pilar Gumucio

Uncertain times dominate theheadlines as the volatility of thestock markets around the world

mirror people’s skepticism in what liesahead. It is not one particular event orfactor that has unleashed this course, butthe sum of many factors and events thathave, and continue to, influence theoutcome.

The burst of the Internet bubble, adramatic decline in equities and personalwealth, the horrific attacks of September11th as well as the economic and politicaluncertainties that event has engendered -most notably, the prospect of a full-borewar between the US and Iraq - are amongthe leading factors. Moreover, there hasbeen an explosive epidemic of corporatescandals worldwide that have madeinvestors think twice about how they are

investing their money. The ethicalconduct of these corporate executives andthe involvement of some accounting firmsand investment banks have beenquestioned as confidence levels continueto diminish.

Within this context it is easy tounderstand why executive search, and inparticular those in financial services thatoperate in investment banking, tradingand asset management have especiallybeen hit hard. Nevertheless, it is importantto point out that, as in all moments ofcrises, opportunities are always present.The overall picture may seem glum, butthose search consultants who are lookingbeyond the storm are the ones that willsurvive. They are taking this time toreflect, restructure and assist their clientsin preparing for the next upheaval.

LEAVING PORTAlthough search in financial services

began in the 1970s, the nature of thebusiness has changed dramatically.

Fiona Stephens, Managing Director ofStephens Associates, which is based inthe UK, recalls, “How different theindustry of financial services was then,especially since its focus was ondomestic markets. In the late 1970sthere was a relaxation of exchangecontrols. With the Big Bang in the 1980s,everything changed. The traditionalpartnerships were bought by large,mainly US, banks and other institutionsas the structure, regulations, and focusbecame much more international.”

Since then, the industry of financialservices has been at the forefront ofexecutive search. As investments poured

Search in Financial Services:



into the US, Western Europe, Asia Pacificand then to developing countries, searchfirms opened up offices in these regionsto fulfil a growing demand for top talent,especially in financial services.

During the 1980s and the 1990sinvestment banking experienced arampant growth as globalization,deregulation, technology, e-commerceand the transformation of productportfolios permitted the expansion ofnew markets and created new marketconditions. These factors contributed tomaking the business of banking muchmore global as more cross-border linksdeveloped and financial professionalsbecame much more mobile. The neteffect is there was a huge increase inboth demand and supply of internationalfinancial service professionals.

Fiona Stephens explains how “Themarkets developed and expanded asinvestment banks increased theircoverage internationally hand in handwith building their corporate andinstitutional clients around the world.Investment management divisions werereformed as new autonomous companiesprovided an increasing range of productsfor the growing pool of retail,institutional, corporate and other clients.Investment banks set up private equityteams to capture funds from the risingprivate client wealth. More recently andwith the difficulties in the equity market,the need to focus on credit andderivatives increased, debt marketsbecame active and structuring gainedimportance. Investing institutions alsobegan increasing their expertise inalternative investments to compete withthe higher performing hedge funds.”

Dan Kreuter, President of DAKAssociates in the US reports,“Deregulation, the creation of newproducts, alternative distributionchannels and a prolonged bull market inequities were vital factors that created arobust job market.”

“In terms of product areas,” PaulAldrich, Managing Partner of Global SageEurope, believes that, “most retainedsearch firms would have built their

practices on investmentbanking/corporate finance, M&A, equityand then over the past 5-10 yearsexpanded into the debt and creditmarkets. Then they will have startedcovering other areas as clients becomeinvolved in new product areas” as thelevel of specialization required hasmirrored this trend.

Meanwhile Simon Hall, ManagingDirector of Whitney Group in Europe,indicates, “The euphoria surrounding thepotential revenues in all areas of TMTand the Internet was enormous andthere was upward momentum until2000 and even into the early part of2001. However, as dotcoms andcorporates in the sector faltered, so didthe revenues of the major advisors andinvestors and therefore demand fortalent in the sector languished.”

Demand for financial servicescontinued to skyrocket as compensationpackages soared. Pay packages wererunning into 8 figures as bonuses easilydoubled or tripled base salaries. As aresult, search consultants in financial

services were earning high fees. Jill Niemczyk, Partner of Sextant

Search Partners in the US, reports,“Investment banking has historicallyrepresented the largest part of searchfirms’ financial services practices’revenues and on a per search basis, hasbeen the most profitable. Nevertheless,the scale of fees in investment bankingdoes not necessarily correlate directly toescalating compensation packages.”

The Internet bubble burst, Mergersand Acquisitions (M & A) grew to a haltand the equities market collapsed asonce again the landscape of investmentbanking began to change. Dan Kreuterdescribes how “The search market hasbeen in a 24-month contraction. Overexpansion, over distribution, anduntenable business models have led tolayoffs in certain segments that hadpreviously enjoyed unfettered growth.Consolidation has also sped up,eliminating or hurting some firms.”

LOOKING FOR THE HORIZONToday the industry of financial

services is in a state of flux, trying to findits horizon. In turn, this has exerteddemands on the markets andsimultaneously, contributed to howfinancial firms are selecting qualitytalent to help them operate theirbusinesses.

Yet because of the economic downturninvestment firms are caught in adilemma: on one hand they must copewith the need to lower costs whilesimultaneously boosting productivityand revenues.

Some responses have includedmassive layoffs and drastically reducingpay packages. In fact, Business Week,The Economist and The Financial Timeshave published reports that haveestimated that between 25-60,000

WHAT THEY DO IN HARD TIMES

CLIENTS SEARCH FIRMS

Intense Restructuring Increase Personal relationships

Massive layoffs Increase Value- added Consultancy Services

Reduce Compensation Packages Increase & Expand Products’ Expertise

Selective Hiring Widen Scope of Clients

Simon Hall



bankers have already lost their jobs.Many of the financial giants, like MerrillLynch, Goldman Sachs, Morgan Stanley,Lehman Brothers Holdings, DeutscheBank, and USB Warburg have already cutbetween 10-20% of their personnel ashundreds more are expected to continueto do so before the year ends.

Fiona Stephens explains, “Althoughthe market falls have resulted in lossesand hence massive layoffs in thefinancial sector, we have seen thesecycles before. History repeats itself, juston larger platforms each time. Bullmarket bandwagons always have to stopand be corrected at some stage. Thegreater the expectation had been, themore painful the fall. Business becomesmuch tougher, experience andrelationships count for more, controls aregreater, and life is never the same untilthe hype begins again.”

For Dee Symons, Head of FinancialServices of TMP Worldwide, “During1998-2000 there was a massiveemphasis on building businesses andexecutors were in high demand. As themarket changed, more emphasis hasbeen placed on client relationships andexecutors are far less valued. Before, theobjective was to sell products, now theobjective is to provide solutions toclients.”

According to James Norton, Presidentof James Norton Partners in the US, theblind exuberance surrounding Y2K,technology and the dotcom crazecreated incredible excess. He explains,“Then there was the unexpected ‘911’and the final blows of war and scandals.These events and the lingering MiddleEast issues continue to drag on, affectingthe worldwide economy as well asconsumer confidence. When these issuesbegin to ease, the economy is poised forgrowth.”

Jill Niemczyk reports that thesemassive layoffs are simply following atrend. She further elaborates, “First,firms have had to let go their mostunder-performing professionals. As aresult of the belated post-mergerrationalization of staff at firms that have

merged over the past few years, morepeople have been let go. Now firmshave been cutting into the muscle, andlayoffs have become much lessdiscriminating.”

Yet Emma Weir, Global ManagingPartner of Eban International warns,“Although firms are currently still cuttingmuscle, between now and the end of theyear, if the situation continues todevelop as it has, firms might have tostart cutting into the bone. This mightinclude closing entire business areasthat are perceived as ‘core’ andcontribute towards critical mass.”

Jill Niemczyk agrees and believes thatdespite the massive amount of layoffs,“In most institutions, the number of

employees is still probably not down topre-1998 numbers. Until pre-1998numbers are reached, there is only roomfor selective and strategic hiring.”

The end result is that the market isflooded with candidates. Candidates’responses vary from simply holding outfor the good times to return, simplytransferring to another competitor,switching from a top tier to a second tierfirm, to leaving the financial servicesindustry all together.

When asked about making a lateralmove to another sector within financialservices, all the consultants search-consult interviewed cautioned thatlateral moves were very rare at senior

levels because employers were notwilling to risk on moving someone whodid not have an excellent track record inthat given sector. Whether candidatescould make lateral moves ultimatelydepended on who they were - theirskills and training, their background,their flexibility and ultimately theirpersonality.

REPAIRING THE SHIPMeanwhile, large investment firms are

restructuring, which means that somedivisions are consolidating as others aredownsizing. Yet, at the same time, somefirms are upgrading and even expandingas they refocus and concentrate on themore buoyant areas of the sector. In fact,many banks are hiring in one sector, butlaying off in another. Bank of America,for example, fired 600 people worldwidein 4th quarter of last year but this yearhad plans to hire125 bankers andtraders in Europe.

Within this context, investment firmsare more reluctant to use executivesearch except to handle the most critical,urgent and hard to fill positions. In fact,Hugo Hunt, Managing Partner of AllembyHunt and a member of FINSAL, explainshow “Clients are taking more time tomake decisions”.

Paul Aldrich describes how “Financialinstitutions are focusing on costs,focusing on who they use to do whatand streamlining processes as much asthey can as they want to create somediscipline in the hiring process. They areconcentrating more heavily than beforeon headcount and compensationpackages as well as all the variousstrategic aspects of human resourcemanagement.”

Margaret Doman, Managing Director ofCambridge Consulting Services inAustralia/Asia, remarks that this is adifficult period for investment firms assome of these downsize. Yet it is also atime of vast opportunities as sheexplains how “Selective hiring hasbecome key for investment firms tostrengthen their capabilities in order totake advantage of the buoyant sectors

Paul Aldrich



that are arising.”In regard to hiring new staff, their

main challenge is looking for talent in atight labor market as the current supplyoutweighs the demand. Although theremay be an oversupply of candidates,quality leaders are still scarce.Therefore, financial institutions aretaking advantage of the downturn tohire the brightest talent that wouldnormally cost much more in a bullmarket.

Andrew Lowenthal, Head of FinancialServices for Egon Zehnder, explains howhis firm’s client base has grown wider inscope in relation to the volume ofsearches conducted. He explains,“Although large investment banks arestill important clients, we are alsoworking with smaller specializedinstitutions.”

Simon Hall agrees as he has noticed ashift in Whitney Group’s client base.“Within the last two years, our clientbase has become much more diverse.Previously, we would have had 5-8major clients across the investingbanking community on a global basis.Owing to the high number of mergerswithin the industry, the number ofmeaningful investment banks hasshrunk. Therefore, we can only reallywork for 2-3 top tier firms, at any onetime with the rest of our businesscoming from a wide range of nicheplayers.”

Hugo Hunt believes that “Smallboutique houses with specificspecializations are taking advantage ofthe current situation to hire top talent”.In fact, James Norton explains how“Many financial service professionals aremoving out of the large houses in favorof the small niche firms, especially inalternative investments.”

WATCH OUT FOR SHARKSThe end result is that the volume of

search has gone down. Financialinstitutions are becoming more selectivein the way they use search as many arereducing the number of preferredsuppliers or at the very least, reviewing

the terms and conditions of their currentcontracts. Clients’ requirements arebecoming more specific and demandingas the level of competition among searchfirms intensifies.

According to Andrew Lowenthal,“This, in turn, has added pressure onfees. As the number of searches hasfallen, so have the fee levels. In addition,retained search firms are being asked toincrease the element of contingency intheir fee structures.”

Moreover, Dee Symons believes “Thefinancial services market is becomingmore contingent, especially in equityand fixed income. She describes howmore junior levels are increasingly goingto contingent firms, as the top retained

search firms increasingly battle for thesenior level assignments. In fact, thesearch firms that will survive are theones that add value, performconsultancy services, are relationship-driven and are able to demonstrateproduct expertise.”

Andrew Lowenthal also believes thatmany investment firms are choosingcontingency firms rather than retainedsearch firms. He describes off-limits as areason and added, “as a result, there isincreasing pressure from search firms tomake off-limits agreements moretailored to the areas of activity, ratherthan providing blanket cover.”

When looking at competition, Paul

Aldrich explains that he considers bothdirect and indirect competition.According to him, “Direct competitionincludes firms that provide any type ofsearch service, be it a one man bandthat does contingent work all the waythrough to the thoughtful and highquality type of search firm such as EgonZehnder, and everything in between.When a business manager hires acandidate directly, that is indirectcompetition because it takes away apotential fee from the marketplace. Thesame can be said about in-houseresourcing. However, in-house recruiterswill mostly threaten contingency ratherthan retainer based search firms. Theremight be greater competition forselection, but not the retained end.Getting involved in retained search has ahigh barrier of entry, especially intoday’s world.”

Emma Weir explains how in-houserecruiters are more “involved in findingjobs for their firms’ personnel,negotiating new contracts and evenpreparing recruitment supplier lists, butare not directly competing with theservices retained search offers. They donot have the adequate contacts orexperience to do so.”

In fact, Emma Weir affirms, “Clients areprobably more comfortable using outsidefirms. From a candidate perspective,search firms are also more appealing asthe most talented professionals and thebest paid prefer to go to a headhunter.Their success rate lies in the fact thatsearch consultants not only have todeliver the best candidates to theirclients, but after each candidate acceptsthe offer the search consultant must holdhis or her hand through the resignationprocess and make sure he or she joinsthe firm. This is the point where in-house recruiters lose their candidates.”

WALKING THE PLANKDue to fierce competition, personal

relationships have become fundamental.Although strong personal relationshipshave always been vital in search, theeconomic downturn and the growing

Dee Symons



distrust in large corporate institutionshave made clients demand thattrustworthiness be embedded if apersonal relationship is going tocontinue.

Emma Weir reports, “The days of doingone off transactions are dead. Its time tocement client relationships and be muchmore lateral in the way we assist ourclients. We must convince them that weknow them, we know their managementstyle and culture and therefore, we canadvise and help them with competitiveinformation that will allow them to moveforward. The services we can offerdepend on the client. In the past, wehave helped our clients withmanagement appraisals, salary surveys,competitive numbers and styles, andmarket surveys - but it is ingrained aspart of our overall executive searchservice.”

Simon Hall admits that retained searchfirms are probably doing more for less.“The lower compensation packagesmean that our percentage fees have alsofallen dramatically so we have to fight tomake sure to win as much business aspossible in order to maintain overallrevenue levels. Clients also expect muchmore ‘free’ information with regards toindustry trends, compensation levelsand competitive strategies.”

According to Andrew Lowenthal,“Search firms must stay close to theirclients, be flexible in solving theirproblems and focus on providing aconsistent top quality service.” Hebelieves that in order to competeeffectively in this business, search firms

must be more systematic with their dataand increase their reference checkingabilities.

Harry O’Neill, Managing Director ofWhitney O’Neill (part of Whitney Groupin Asia), explains, “Search firms musttake into consideration their clients’difficult situation. And you may have toperform a certain amount of tasks thatwere not necessary before, however,they are always tied into the possibilityof search. The biggest challenges arethat clients are suffering and thereforenot resorting to search as often asbefore. Yet we manage to stay on top bydemonstrating our loyalty, maintainingour high quality of service as well asmaintaining and developing corerelationships.”

For John Holmes, Head of FinancialServices at Odgers Ray & Berndtson,“Strong knowledge of the markets andyour clients’ businesses are key. Youmust sustain these relationships and dowhat you have to do to the benefit ofyour clients.”

James Norton elaborates, “Each firmmust address the set of unique problemsand opportunities that their clients face,they must be able to understand themarket and have the necessaryestablished relationships to move theirclients and themselves forward.”

According to Paul Aldrich, “Innovationand value are fundamental. It is vital toremain visible, raise standards, be veryclient focused and always communicatewell within your own organization.” Hestrongly believes that you can succeedas long as you take into account “yourclients needs, the products and thegeographic market you are targeting.”

THE CAPTAIN STEERS THE SHIPIn financial services there is an array

of prominent search firms, ranging fromthe large global search firms, likeSpencer Stuart, Egon Zehnder, TMPWorldwide, Russell Reynolds, Heidrick &Struggles, Korn/Ferry International,Whitehead Mann and A.T. Kearney. Thenthere are the specialist global boutiques,such as Whitney Group and Eban

International. There are specialistregional boutiques, illustrated by GlobalSage, Executive Excess, The RosePartnership and DAK Associates. Finally,there are the alliances, like FINSAL(Financial Search Alliance), that combineniche boutiques from Frankfurt, Brussels,Luxembourg, Amsterdam, Paris, andLondon under one pan-Europeanumbrella as a means to effectivelycompete against the big players.

The size and opportunities available infinancial service markets in the UnitedStates are enormous. Therefore it isdifficult to list all the key search firms.Nevertheless, search-consult will try tohighlight some of the leading firms.Among the dominant large search firmsare Spencer Stuart, Korn/FerryInternational, TMP Worldwide, EgonZehnder, Russell Reynolds, Heidrick &

Struggles and A.T. Kearney. Among afew of the smaller prominent boutiquesare Whitney Group, DAK Associates,James Norton Partners, Sextant SearchPartners, Choi & Burns and OrionAdvisors.

Meanwhile in Europe, the majority ofthe search firms have their headquartersin London. Among the leading largeglobal search firms are Egon Zehnder,Spencer Stuart, Russell Reynolds, TMPWorldwide, Odgers Ray & Berndston,Whitehead Mann, Heidrick & Struggles,Korn/Ferry International. Among the

ABLE AREAS FOR ANCIAL SERVICES

gHedge FundsAlternative InvestmentsLegal & ComplianceCredit DerivativesFund ManagementRisk ManagementPrivate BankingPrivate EquityForeign Exchange

Andrew Lowenthal

AMONG THE MOST DYNAMIC AREAS OFEXECUTIVE SEARCH IN FINANCIAL SERVICES



most distinguished specialist firms areSainty, Hird & Partners, The RosePartnership, Whitney Group, HogarthDavies Lloyd, Alexander Mann GlobalMarkets, Armstrong International,Sheffield Howarth, Eban International,HammondBlack, Stephens Associates,Global Sage and FINSAL.

In Asia, among the prominent searchfirms are: Executive Access, EbanInternational, Whitney O’Neill (part ofWhitney Group), Global Sage, TMPWorldwide, Spencer Stuart, CambridgeConsulting Services, Korn/FerryInternational, Heidrick & Struggles, EgonZehnder, Russell Reynolds, AlexanderMann Global Markets, Pelham SearchPacific, Spencer Associates, East-WestConsulting and Options.

SAILORS TAKE THE HELMAnother important development has

been the fragmenting of the searchmarket in favor of small boutiques asconsultants are opting to go back tobasics and take personal control of thesearch process.

Simon Hall begins, “There was a timewhen people thought that ‘big is best’,but now there is a resurgence ofconsultants interested in joining aboutique. Historically, the large‘branded’ search firms were anextremely comfortable place to work asmany assignments were originated vialong standing global relationships.However, in these market conditions,each consultant is required to originaterevenues and those who are ‘personally’capable of winning mandates clearlystand out from those who are incapable- these types of consultants tend to existin boutiques.”

“You can run a more profitable modelin a smaller firm”, says Jill Niemczyk.She explains how “Many searchconsultants were content at largersearch firms during the boom yearsbecause they saw the opportunity torealize value from stock in public searchfirms. Now, it is pretty clear that thevalue won’t be realized. Although thisinflux of new firms will produce more

competition, ultimately it will createmore value to clients, as a more efficientmodel allows a firm to deliver superiorservice without sacrificing the bottomline. A smaller firm can align the client’sinterests with the search firm’sinterests.”

James Norton, formerly ManagingDirector of Korn/Ferry International andDirector of the Americas FinancialServices Practice, decided to open hisown firm because he missed workingclosely with clients and having theflexibility and freedom to respond tochallenges in original ways. He believesthat “Big firms tend to promote theirbrands versus personal relationships.”

According to Emma Weir, “It’s veryhard for a search firm to have overallquality, especially in terms ofeffectiveness and integrity. There arepockets of quality in different offices anddisciplines within search firms. Manytimes, the bigger you are in size meansthe harder it is to maintain such highstandards. Therefore, many consultantsprefer to go to a small firm as it is easierto make sure that each consultant isperforming top quality.”

Meanwhile, Fiona Stephens explains,“Many financial institutions preferspecialist firms because they understandthe market, the dynamics, the peopleand have the flexibility to relate to aclient. Most importantly they are notselling the process of a general search

firm, but proving their ability withconcrete results.”

Paul Aldrich elaborates this conceptfurther as he reports, “you cannotimpose a traditional search model on thedynamics of today’s financial services.The traditional investment bankingsearch model was more akin to CEO andboard level search, assuming people andthe culture are similar. The dynamicsdiffer for each market/product area asthe culture, pace and complexity must betaken into consideration. For instance,the context and culture of doing searchfor an origination position is verydifferent to that of a trading position andtherefore so is the type of relationshipyou would have working with the headof trading vs. the head of origination.There are very different dynamics to thesearch process that have to reflect theneeds of the client, not the needs of thesearch firm. You’re still selling search butyou have to go about it in a different wayand have a degree of flexibility indealing with clients.”

“Although the trend currently favorssmall boutiques,” James Norton believes,“it is important to note that this iscyclical. When you look at the largerhistorical picture, search firms startedsmall, and they got big. Then boutiquesdominated the industry, they mergedwith the big firms and now the circle isbeginning again.”

Dee Symons admits, “Large searchfirms/brands tend to have someinstitutionalized baggage that somesearch consultants, currently frustratedwith the current market conditions, areno longer content with handling. Offlimits, internal bureaucracy and the factthat large search firms are not always asflexible with fee reductions are some ofthe motivators for some searchconsultants leaving large search firms forboutiques. At the same time, the tableswill turn as a boutique’s strength - its

AMONG THE MOST VULNERABLE AREAS FOR EXECUTIVE SEARCH IN FINANCIAL SERVICES

Corporate Finance Equity High Yield

Mergers & Acquisitions Research Research

Telecommunications Trading Trading

Technology Sales Sales

Jason Chaffer



specialization of a niche product - willalso be a limiting factor. When thatmarket dries out, it will not be able toreinvent itself. In the long run, largesearch firms will always have a keyadvantage over the smaller nicheboutiques: we have a team of productspecialists that cover all the relevantsectors, we have the track record and wehave the proper infrastructure to operateacross all the geographic regions.”

Andrew Lowenthal agrees as hebelieves that in today’s world, “onlyglobal search firms can consistentlyprovide their clients with the scope,depth, knowledge and internationalcapabilities that they require to moveforward.”

Meanwhile, John Holmes reports thatrecently, “there is a large amount ofmovement among search consultants” asone of the trends appears to depict agreat number of consultants leavinglarge firms in favor of working for smallboutiques or creating their own searchfirms.” At the same time, he points outthat “many of these search consultantswere not the big producers andtherefore, are not voluntarily choosingthis path.”

Jason Chaffer, Head of Global FinancialServices for Spencer Stuart, explainshow important it is to remember thatmany of the search firms, especially thelarger firms, are mirroring their clients inupgrading talent. He believes that thebest option is to “work like a boutique,with clear specializations and intensepersonal relationships, yet at the sametime, be able to provide clients on aglobal scale. If you look at SpencerStuart’s performance record for searchesin financial services in 2002, its US andUK teams have already exceeded theirachievements in comparison to 1999and 2001.” Therefore it is obvious thatsome clients are still opting for the largesearch firms.

“In the end,” James Norton believes, “ifclients are happy with the servicesprovided, they will follow theirconsultants wherever they are.”

VISITING DIFFERENT PORTS“One should not consider financial

services as a mass market,” declaresSimon Hall. “Equity and debt productstend to peak and trough at opposite endsof the cycle in almost every scenario.Similarly, all the other product areas wecover will also have specific factors,which affect their profitability and therequirement for search services. In fact,it is rare that our specialist practices infixed income, equity, investmentbanking, private equity, real estate,legal, asset management and insuranceall operate at full-capacity at the sametime, markets just don’t react in thatway. Indeed it’s the very fact that wehave experts operating in every field, as

opposed to generalists, that enables usto weather almost any storm.”

Paul Aldrich believes, “It dependswhich part of the client you are servicingas the search market varies radicallyfrom sector to sector. Investmentbanking is pretty dire. Although it hasn’tcompletely halted, it does not have thehigh level of growth that the creditmarket, for instance, has shown.Equities are in the middle as people arebeing retrenched from some houseswhile other institutions are hiring.Hedge funds have had significantgrowth over the past 2-3 years andthere is still room for more growth,although some have closed this year.”

According to Dee Symons, “The main

product areas that have shownsignificant demand have been assetmanagement, alternative investmentsand hedge funds. Fixed income isholding up, in particular, creditderivatives, risk, and finance directorsare also generating growth.”

John Holmes views “Alternativeinvestments, credit, fixed income, riskand compliance as well as hedge fundsas growth areas over the past year.”

For Andrew Lowenthal, “Assetmanagement, private equity, privatebanking, compliance and riskmanagement” are the main areas ofgrowth.

Meanwhile, Jason Chaffer said, “Theareas of alternative investment and assetmanagement are buoyant. Some parts ofinvestment banking, such as equitiescontinue to show a fair amount ofactivity. Then there are the credit anddebt markets that also continue togenerate demand.”

For Simon Hall, global product areasthat have shown signs of growth thisyear have been “Fund management,debt markets, insurance, as well as legaland compliance.”

In fact, due to the uncertainty thatdominates the recruitment market ininvestment banking, legal andcompliance are buoyant, as corporatescandals and increased legislativepressure by financial service authoritieshave highlighted the need to reformstandards of corporate governance andfinancial statements.

Another interesting development hasbeen the gradual increase in interimmanagement as investment firms areforced to change structures in thesetough markets.

ANCHORS AWAYFinancial services are considered to be

among the most global of the serviceindustries. In fact, for the first 6 monthsof this year, the average percentage ofcross-border candidates andassignments per firm was between 25-50%. Although this figure may havebeen higher during the boom years, the

Harry O’Neill



figure depicts that there is still asubstantial amount of global activitytaking place.

Another important development is thatin the last couple of years there hasbeen an alignment in base salaries inthe US, Europe and Asia Pacific. Whatdiffers is the bonus, but today thatdepends more on the opportunitiesavailable rather than a specific location.

For the purpose of this review, it isimportant to take a glimpse at thesethree regions, highlighting their maincharacteristics and key products.

Paul Aldrich begins, “There arehistorical and structural reasons whysome of the product areas might not fillout as quickly in one region compared toanother. The context of each region isdifferent and one must take all thesefactors into account” when planning asearch.

He continues, “In the United States,the sheer size is enormous. Markets arelarge in comparison to Europe and AsiaPacific. It has the added advantage that

it is a homogenous market. There aren’tregulatory, language or cultural barriersin the same way that there are inEurope. It is also a deep and liquidmarket in terms of potential candidatesfor clients - although finding the rightperson is always a challenge in anymarket.”

Emma Weir also points out that “Westill see some demand for non-domesticUS equity sales people to sell to the US-based institutions”.

Dan Kreuter explains that in the UnitedStates it is important to “work nationally.For instance, New York City may be in arecession, but Texas could be in anexpansion mode.” Therefore, it isimportant to make the necessaryadjustments to these circumstances. Interms of products, “the general areas ofgrowth include: niche firms in assetmanagement, private assetmanagement, quality fixed incomeplayers, well-run brand equity players,hedge funds and prime brokers, SMAorganizations, boutique consultants and

third party providers and DC Providers.”Simon Hall reports that, “Our real

estate and global asset management anddebt practices are doing very well. NewYork and London are both suffering froma downturn in mainstream bulge bracketbusiness, which we have not been usedto. However, we are working forboutique investment banks, hedgefunds, asset management firms and acouple of specific investment bankingdivisions that are expanding globally.”

Dee Symons explains how “The USwent into a slump first, and now, in thesecond half of the year, there are signsthat it is slowly beginning to come out ofit. Yet Europe is still feeling it.”

Meanwhile, Fiona Stephens believesthat within Europe, “There are pockets ofgrowth. The prospect for differentproducts or services varies from cultureto culture but, as within Asia whereKorea is active and China is unleashingits potential, albeit in a different way,some European countries have thefundamentals to bounce back more



quickly than the relative global picture.” Emma Weir views Europe as a big and

competitive market. “Everything is stillLondon-based. In fact, the Pan-European equity firms and global equityfirms are all based in London so it iseasier to conduct business from London.Germany is the second most importantmarket and France is the third.”

According to Simon Hall, “Europerepresents our biggest growthopportunity. One of the reasons isbecause so many foreign firms areinvesting in Europe and it is seen as anarea that will develop further over thenext few years. In addition to the UK,last year we completed searches inRussia, Germany, Scandinavia, Italy, andFrance. All these assignments wereconducted out of our London office.”

For Dee Symons, “France and Germanyare important markets in terms of buyouts. The Netherlands and Switzerlandcontinue to be strong productively.Although the UK has been hit hard, itstill continues to generate 50% of TMP’sEuropean revenues.”

Andrew Lowenthal reports, “Germany,the Netherlands, France and Switzerlandremain key. The UK will always beimportant, but is currently weaker thanwe would like it to be.”

Hugo Hunt observes activity in“Germany, Scandinavia and obviouslythe UK. Although London will continueto generate searches, it has sloweddown in comparison to the level ofactivity generated during a boomperiod.”

It is important to note that althoughGermany has been hit hard, its changesto the regulatory market have producedpositive results for investmentmanagement houses with establisheddomestic operations. This, in turn, hasmaintained a steady demand for talentin investment banking. In addition,German headhunters are said to beundertaking cross border work in areasof private banking, asset management,alternative investment and corporatefinance between Germany andneighboring countries. Financial service

professionals are also finding jobs inother industries, such as themanufacturing industry, that requiresolid financial knowledge. Despite thedownturn in markets, big and smallinvestment institutions continue todemand investment bankers withestablished relationships with Germanbanks and with the Mittelstand, thethousands of privately ownedbusinesses that make up Germany’smedium sized company sector.

In terms of products, equity and debtmarkets appear to have the biggestpotential for Europe. With the creation ofthe European Community, theintegration of financial services iscreating a number of opportunities for

financial service professionals. Hugo Hunt believes that the products

that generate the most searches are in“Alternative investment, wealth andasset management and sporadicinterests in private equity.”

Andrew Lowenthal believes “Assetmanagement, private equity, privatebanking and insurance” remain strong.He notes that financial administrationand sectors that deal with the internalside of businesses are generatingdemand. “Client services andrelationships” are also increasinglygaining ground.

In Asia Pacific, “We have a far smaller

universe of potential clients to drawfrom,” comments Harry O’Neill. Anotherinteresting aspect is that “somethingvery important in Asia and that differssignificantly from the US and Europe, isthe negotiation process in itself. Here thecandidate is far less keen to negotiatedirectly. However if negotiation ismanaged by an intermediary such as asearch firm, the whole negotiationprocess can be much smoother.”

According to Paul Aldrich, “Asia Pacificis a thinner market in terms of bankingdeals for our clients. It is also a thinmarket in terms of experiencedcandidates. In this region, both US andEuropean firms have entered and exitedthe market at different times and indifferent product areas. It seems that it isthe region that always comes in last. Forinstance, US institutions try to get a gripof what is happening in their domesticmarket first. Then they will look toEurope, and once they are happy withwhat is happening in both of thosemarkets, then they will focus on themarginal revenue that comes from Asia.Likewise, European firms will tend tofocus in Europe first, try to compete incertain areas in the States and thenfocus their attention on Asia-Pacific. Forour clients, this seems to be the order inwhich they will do things.”

Harry O’Neill explains how “The bestmarkets in recent times have beenKorea, Taiwan and China - although notnecessarily based in China itself. Japanis a more mature market that is inrecession. It has historically been adifficult market for search firms sinceinstitutions there are still reluctant to useretained search. What is important tonote is that when dealing in Asia-Pacific, one must differentiate betweennon-Japan Asia and Japan because theircharacteristics are so different.”

Emma Weir agrees as she also viewsKorea as the most active market in Asia-Pacific. “It is followed by Taiwan. TheHong Kong market is quite quiet, but asthe hub of Asia, there are still jobs forsenior regional roles. China is just takingoff. Today China is growing, but it still

Dan Kreuter



does not compare to the activitygenerated by Korea. As time progresses,China will become a very huge market.Meanwhile Japan, which has been inthe doldrums for a number of years now,still remains one of the world’s largestmarkets. We continue to see demandthere because very few non-Japanesenationals have come into the marketsover the past 10 years. In line with therest of Asia Pacific, it is sometimes hardto find high caliber, totally Westernized,locals with the experience that isrequired for a number of roles.”

In terms of products, Harry O’Neilldescribes that, “There has been a fair bitof movement recently in the debt, creditand structured derivatives markets.”

According to Emma Weir, “Untilrecently, many firms were stillselectively building their regionalinfrastructure. We therefore saw activityin areas such as compliance, ChiefOperating Officers and generalmanagement, but far less demand in theclient facing origination investmentbanking roles.”

Within this region, it is important tomention Australia. According to HarryO’Neill it is a fairly self-containedmarket, and there have been signs thatdemand is increasing once again.Margaret Doman reports, “Markets havebeen buoyant and continue to showrelative activity”.

It is important to note that headcountreductions in Australia were not assevere as elsewhere in the region. Inaddition, Australia’s market in financialservices has been in the process ofliberalizing markets, undergoingstructural changes and implementingregulatory systems. Moreover, there has

always been a steady flow of Australianexpatriates in the rest of Asia as theirunderstanding of the markets and theculture continues to be rewarded.Margaret Doman explains how all thesefactors have resulted in a high demandfor executive talent. In fact, “the mostdynamic areas are investment banking,wealth management, asset managementand derivatives.”

MAPPING UNCHARTED WATERSWhen one looks to the future of search

in financial services, the level ofuncertainty is apparent. The surveys andreports indicate that by this time nextyear, little will have changed.

John Holmes believes it will be “acontinuation of an extremely difficultenvironment.”

Jill Niemczyk agrees as she indicatesthat, “the next few years will bechallenging. No one knows how themarket will evolve. We have to address achanging environment and re-orient ourstrategies for financial services searchesas the environment changes inunpredictable ways.”

Jason Chaffer believes “the future isdifficult to predict”. He admits thatfinancial institutions are tightening theirbudgets. While there are opportunities,he does not perceive the overallsituation to improve before 2004.

Simon Hall is more optimistic as heexplains that, “As we look forward it’shard to say when we’ll see an upturn inoverall business levels, the outlook forcertain sectors in the financial servicesindustry will remain uncertain for atleast another 6-12 months. In ouropinion, then momentum should pick up.History shows it will come back - it

always does to one degree or another.” According to Harry O’Neill, “Although

the financial services sector may not yethave reached bottom in headcountterms, from a search perspective thingsare beginning to look up becauseinstitutions are re-engineering andrestructuring their businesses, whichalways means more demand for search.”

Meanwhile, Emma Weir is worried that‘It has taken 24 months of steady declineto reach where we are today and Ibelieve that we will take as long to comeout the other end. In the meantime,every market practitioner who surviveswill mature through it and hopefully themarket will be more efficient,streamlined and professional when theshake-out is over and recovery starts.”

After witnessing many bull and bearmarkets, James Norton, who has 25years experience as a headhunter infinancial services, believes that, “Thefirms that know how to follow thechanges are the ones that will survive.Searches will continue because morechanges are to come.”

In sum, recovery is imminent, but noone knows when. How far the marketswill tumble or how many more jobs willbe cut before financial services hits rockbottom is pure speculation. What isimportant is that today there are pocketsof growth. The successful search firmswill identify them, adjust to meet theirclients’ demands and prepare for thenext horizon.



Web: www.search-consult.com

S E A R C H - S C I E N C E


WhySelecting the Right Leaders:

PersonalityMatters

By Jorge E. Fernández

Ceo tenure is becoming shorter andless secure. A recent Drake BeamMorin survey of 476 companies in

25 countries shows:● 50% have CEOs who have been in the

post less than three years.● 66% have appointed at least one CEO

in the past 5 years with many on theirsecond or third CEO.Similarly, a recent study conducted by

Rakesh Khurash, a professor at theHarvard Business School, shows thatCEOs appointed after 1985 are threetimes more likely to be fired. Why the riseof revolving door Chief Executives?Pundits give a variety of reasons havingmostly to do with economic uncertainty.The pressure created byhypercompetition is certainly real.However, companies also need to take acloser look at their recruiting, selection,and development practices. It’s notunusual to find disturbing similarities inthe pedigree of those in leadership roles.

They are usually graduates of the sameinstitutions of higher education withqualities similar to the incumbent leaders.Tagged as high potentials, these recruitsare placed on a fast track to managementpositions where they tend to perpetuateperspectives consistent with those ofexisting leadership. They are acceleratedthrough a series of positions at a pacethat hardly permits them to learn theirjobs well, let alone reap the harvest ofthe seeds they sow. If that were not badenough, when the time comes to hire orpromote managers many organizationsroutinely, rely on solid facts customarilyfound in a CV. Namely, the requisiteknowledge, and experience, and a recordof accomplishment. However, they fail toinvestigate the behavioral characteristicsof an individual. This can turn out to be acostly mistake. Studies by the Center forCreative Leadership show that executiveswho later derailed had typically run astring of successes early on, and were

considered technical geniuses or skilledproblem solvers. Yet, ultimately theyderailed due to problems withinterpersonal relationships. Morespecifically, this research revealsmanagerial incompetence to beassociated with untrustworthiness, overcontrol (micromanagement), exploitation,irritability, unwillingness to usediscipline, and an inability to make goodstaffing and/or business decisions. In thefinal analysis, the failure to build andmaintain an effective team proveddisastrous.

In order to pick the right Managers thesofter qualities of leadership must beassessed. Those responsible for makingpeople decisions need to know forexample, if the candidate inspires trust,listens well, delegates important tasks,and is willing to share praise and credit.These kinds of competencies are afunction of personality. For example, ifone were to ask a hiring manager or job

S E A R C H - S C I E N C E


of interpersonal issues in themanagement selection process. However,there is another realm unrelated tointerpersonal competence and must beassessed separately. I am referring to anindividual’s core values. Research showsthat the most effective CEOs were thosewho had been hired based on thesimilarity between their values and thoseof the firm - rather than their knowledgeof the firm’s industry. This brings forthstronger evidence that there is more tobeing an effective manager that can bediscerned from an impressive record ofaccomplishment. Moreover, no matterhow talented you may be, if your valuesare at odds with the larger culture, youwill not fare well in that organization.Stated differently, people are happiestworking in environments that arecompatible with their core values. This isso because to the degree that teammembers’ values are compatible theystrive toward the same goal.

In conclusion, I have tried to illustratethat personality is a pivotal factor in theselection of managers. Simply put, peopledo not change very much once they enterthe corporate world, and the changesthat do occur are mainly a matter of aconsolidation of strengths. As for thetransferability and/or promotability ofexecutive talent itself, what is vital iscompatibility. The interpersonal style andtemperament of the manager must becongruent with the character andparticular needs of the organization at aparticular time. People can be taughtcertain managerial technologies, but notthe fundamental human traits that turnthe use of those technologies intoorganizational results. Occasionally,knowledge of the industry or mastery ofparticular technologies may be equallyimportant to a successful match.However, if personality and style are outof step with the new situation, nothingcan prevent failure.

ADDITIONAL RESOURCES:Drake Beam Morin (2001) CEO turnoverand job security (website).House, R.J. (1999). Cultural influences on

leadership and organizations: Projectglobe. Advances in Global Leadership,Vol. 1. Greenwich, Ct.: JAI Press.Khurana, R. (1999) Open and closedpositions: An examination of CEOturnover, 1980-1996 (unpublishedmanuscript).Rajagopalan, N., and Datta, D. K (1996).CEO characteristics: Does industrymatter? Academy of ManagementJournal, 39, 197-215.Van Velsor, E. and Leslie, J.B. (1996) ALook at Derailment Today: North Americaand Europe. Greensboro, NC: Center forCreative Leadership.

incumbent to list the attributes of a goodperformer in a given job, manycharacteristics listed would bepersonality constructs (e.g., reliable,curious, even-tempered, etc.).Management jobs are no exception.Project Globe’s findings indicate thatpersons all around the world areperceived as leaders to the degree theyare trustworthy, forward looking,inspiring, and decisive. Therefore, quiteclearly the suitability of a candidate for amanagement job is more than simply amatter of the candidate’s functionalexperience or the organizational levelshe/she has occupied. The most crucialfactors are his or her personality andbehavioral style.

The good news regarding interpersonalskills is that they can be measuredcheaply, efficiently, and accurately. Thebad news is the new manager’sinterpersonal skills were shaped at anearly age and have been a part of theperson for most of their life. By the timehe or she reaches adulthood, they are asunchangeable as one’s facial features.Therefore, companies would benefit byfocusing their energies on selectionrather than development of interpersonalcompetencies. In order to determinesuitability, assessing the managerialcandidate’s behavioral style is necessarybut not sufficient. Regrettably, personswho interview well may also have lessattractive interpersonal tendencies,which emerge after prolonged contact orwhen a person is under pressure. Forexample, confidence is desirable in allleaders but the overconfident can beopinionated, overbearing, and unwillingto admit mistakes. In time, these self-defeating behaviors disrupt teamperformance and even derail anindividual’s career. Because these “darkside” characteristics are hard to detect byconventional means (e.g. interviews,assessment centers etc.). It would beprudent to conduct structured interviewswith former subordinates or usepsychometric instruments designed toidentify career-derailing tendencies.

Thus far, I have traced the significance



Web: www.cimainc.cc

Mr. Jorge E. Fernández isPresident and owner of CIMA &ASSOCIATES, INC. He is agraduate of the University of WestFlorida, where he earned aMaster’s degree in Psychologywith a specialization inorganizational development.Before founding Cima, Mr.Fernández was an internalconsultant for American Airlinesand United Healthcare in the fieldof human resources development.Additionally, Mr. Fernándezserved on the faculty of FloridaInternational University, Johnson& Wales University, Nova SouthEastern University and Miami-Dade Community College. Inconclusion, Mr. Fernández hasconsulted for such companies asBausch & Lomb-Latin America,US Postal Service-Miami Districtand American Airlines.

Jorge E. Fernández

S E A R C H - P E O P L E


TMP Worldwide announces the following

appointments: William M. Pastore, the former

President of CIGNA HealthCare, will replace the

departing Jim Treacey as COO. Dan Dumitrescu has

been named President of Executive Search, Asia

Pacific, responsible for expanding TMP’s presence in

that region. Mr. Dumitrescu had worked for

Korn/Ferry International for seven years and until

recently, had served as Vice President, Asia Pacific.

Fallya Petrakopoulou joins as Pharmaceuticals and

Biotechnology Practice Leader, and as a member of

the New York office. Previously Dr. Petrakopoulou

worked at Korn/Ferry International as Managing

Director in the Healthcare Practice as well as Global

Director for New Products and Services for Healthcare

Products. Brad Holden is welcomed as Managing

Partner of the Chicago office. Earlier this year, he had

been one of the Founding Partners at Leaders Trust

International. Prior to that appointment, Mr. Holden

had spent nearly 10 years at Korn/Ferry

International, where he most recently had served as

President of the Global Industrial Practice and

Managing Partner of the firm’s Chicago office.

Thomas A. Rowe is named Global Insurance Practice

Co-Leader, Global Property & Casualty Practice

Leader, and a Partner in the firm’s Executive Search

New York office. Mr. Rowe had previously served as

Managing Director in Korn/Ferry International’s

Financial Services Practice, where he led the firm’s

Global Insurance Practice. Darren G. Romano is

appointed Global Human Resources Practice Leader

and a Partner in the firm’s Executive Search Stamford

office. Most recently, Mr. Romano worked at

Korn/Ferry International as Managing Director of

the firm’s Global Human Resources Practice, where

he was responsible for conducting executive search

assignments across all industry practices.

Korn/Ferry International has made the following

management changes. Nels Olson is promoted to

Managing Director of the firm’s newly created Global

External Practice. Mr. Olson had previously served as

a Senior Partner in Korn/Ferry’s Washington, D.C.

office. Sergio Averbach becomes Regional Managing

Director for South America, based in Sao Paulo and

overseeing operations in Argentina, Brazil, Chile,

Colombia, Peru and Venezuela. Previously, Mr.

Averbach had been Director of Consumer Products

and Life Sciences practices for Egon Zehnder. Giles

Crewdson is named Office Managing Director of the

firm’s London office. Until this promotion, Mr.

Crewdson had been a Senior Partner in the firm’s

London office, specializing in Financial Services. Mr.

Crewdson will continue to build the firm’s position in

the UK and enhance collaboration with the

Korn/Ferry offices throughout the European and

global communities. Leslie Hortum is promoted to

Office Managing Director of Korn/Ferry’s Washington

D.C. and Tysons Corner offices as she lead the firm’s

growth in Federal/Association/Non-Profit markets.

Meanwhile, Mike Magsig joins Korn/Ferry

International as a Senior Client Partner in Financial

Services. Previously, Mr. Magsig served as a Partner

in the New York office of Heidrick & Struggles,

where he specialized in the Insurance Practice.

Spencer Stuart adds Mike Kirkman as Office

Manager for the firm’s Washington D.C. office. He

brings more than 22 years of experience in a wide

variety of senior-level search assignments across a

range of industries and functions. These include

Board Services, Not-for-Profit, Education,

Government Relations, Financial Services and

Professional Services. Mr. Kirkman comes from

Korn/Ferry International, where he was Office

Managing Director and Head of the Federal, Non-

Profit and Public Policy Practice for the Washington

D.C. and Tysons Corner offices. Prior to that, Mr.

Kirkman had co-founded the Washington, D.C.-based

boutique firm Kirkman/Searing in 1984, which

Korn/Ferry later acquired in 1997.

DHR International announces the following

appointments. Michael D. Boxberger, former CEO of

Korn/Ferry International, joins the Board of

Directors of DHR as Vice Chairman. Subsequent to his

tenure as CEO of Korn/Ferry, he most recently served

as Co-Chairman of Leaders Trust International. In

addition to Mr. Boxberger’s position on DHR’s Board,

he will also lead the Global Board of Directors Practice

Group and have involvement in company operations.

Christian & Timbers has made the following

announcements. Stephen P. Mader is named

President and Co-CEO, alongside existing CEO and

Chairman Jeff Christian. Carrie Pryor is named as

Partner and Co-Leader of the Media and

Entertainment Practice. Prior to this appointment, Ms.

Pryor worked at Spencer Stuart focusing on Media,

Telecommunications and Technology. Prior to that,

Ms. Pryor was a Senior Partner/Practice Leader with

TMP Worldwide and LAI/Ward Howell. Meanwhile,

Michael A. Wellman becomes Managing Partner of

the firm’s New York and Stamford offices and will

handle executive search assignments in the

Technology, Telecommunications, Financial Services,

Consumer Markets, Manufactured Goods, Natural

Resources and Professional Services Industries. Cyrill

Haas joins as a Principal, operating in the firm’s

London office and with the EMEA (Europe, Middle-

East and Asia) team. Mr. Haas most recently worked

at Heidrick & Struggles in London and New York,

where he focused on international and cross-border

executive assignments for the firm’s Industrial and

International Technology Practices.

Heidrick & Struggles International add Timothy C.

Hicks as a Partner in the firm’s Chicago office,

focusing on executive search assignments for the

Automotive Industry. Until this appointment, Mr. Hicks

had spent the past 10 years with Korn/ Ferry

International, most recently serving as a Partner in

the firm’s Chicago office.

Mary Helen Dunn joins Russell Reynolds Associates

as a Partner in the firm’s Atlanta office where she will

serve clients in the Global Banking and Financial

Services Sectors. Ms. Dunn recently joined the firm

after a 15-year career at Ray & Berndston, where

she was a Partner and senior member of the Financial

Services Practice.

Keep us up to date with any corporate announcements! Email [email protected]

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S E A R C H - H E A D I N G

CAREER OPPORTUNITIES

Partner Ref 1026US - Multiple LocationsConsumer-Retail, Healthcare & DefenseOur client is considered one of the top retained ExecutiveSearch firms in the US and has over 10 offices worldwide.Focusing on senior level positions in a broad range ofsectors, with excellent in-house research and recruitingcapabilities. We are most interested in speaking with top-level partners possessing substantial track records in any ofthe above specific sectors.Email - [email protected]

Senior Players Ref 1130US - Multiple LocationsGeneralist or SpecialistOur client is one of the worlds most respected and longestablished Search firms. Operating at Board/ seniormanagement level, they are looking for unique,inspirational leaders. If you’re looking for a new changefrom a major international Search firm OR from a verystrong boutique after having worked for a major Searchfirm previously, please email to discuss this on-goingexpansion opportunity in more detail.Email - [email protected]

Consultants Ref 1122 ASIA - KL, MalaysiaTechnologyPart of an International Network, our client is a retainedExecutive Search firm, committed to providing a select,demanding client base with “A” level, executive talent. Theyrequire to expand the Malaysian office with experiencedand entrepreneurial consultants capable of deliveringinnovative and knowledge-based solutions for clients.Email - [email protected]

Managing Partner Ref 1129EUROPE - Munich, GermanyTechnologyYoung Search firm with a good track record of delivery inthe Technology arena. Candidates required with strongtrack record of winning and delivering search assignmentsin Germany at a senior level for technology companies,management consultancies, systems integrators and/orstrategy houses.Email - [email protected]

If you represent a Search firm and would like to highlightyour Internal Opportunities on this page or discuss howSearch-Talent can assist in your hiring strategy, pleaseemail to arrange a confidential [email protected]

More Information at:www.search-consult.com/talent

1. BOOKMARK this site.2. Click on Current Opportunities (on left) 3. Enter Reference Number (or select a Region

or other criteria)

CAREER OPPORTUNITIESThese are just a sample of our weekly Searchopportunities, selected from our global clientbase. To register your interest or view otheropportunities simply email us. We will contactyou for a confidential [email protected] Further Detailswww.search-consult.com/talent

SEARCH PROFESSIONAL PROFILESA selection of experienced Search professionalsfrom around the globe available for careermoves. If any of these profiles complementyour company’s expansion plans please emailyour interest for a confidential [email protected] Further Detailswww.search-consult.com/talent

STRATEGIC SEARCH ALLIANCESIf you see the benefit of increasing yourclients’ perception of your firm by forming aninternational Search alliance, we encourageyou to contact us to register your interest. Allconfidentiality will be [email protected] Details www.search-consult.com/TheBusinessLab

search-talent

S E A R C H - H E A D I N G

SEARCH PROFESSIONAL PROFILES

New York, US - Senior Partner Ref SP151LegalEstablished and respected search professional with thirtyyears experience, billing $1M + offices in Manhattan andinterested in joining a search firm with need for a legalSearch division in New York City or a search firm wheretheir corporate client base is underserved in the legal area.

Boston, US - Consultant/Partner Ref SP157Biotech/Life SciencesIndependent biotech/life sciences search professionalinterested in joining any size search firm, domestic orinternational. Own office space. Billed $1.4M in 2001.Average Search fee $70k. Needs support! Will notrelocate.

Pacific Region - Senior Consultant/Partner Ref SP152IT/TelecomTwelve years Search experience. Currently with boutiqueEnergy search specialists. Lived and worked in South EastAsia with Search firms for ten years. Strong contactnetwork and specialization in IT&T. Interest in relocatingback to Far East (except HK) for right opportunity.

London, UK - European VP Ref SP148Pharma/Biotech/ConsumerFive years exp in Executive Search, eleven years prior inGlobal Human Resources. P/L responsibility to $3.5M, tendirect reports within Europe. Seeks consultative role withintop-level search firm to be based in London.

London, UK - Managing Director Ref SP149TechnologySixteen years exp in Executive Search & Selection, fiveyears developing own International Search & Selectionfirm. Seeks Director role in London to develop a newTechnology Practice for an established firm. Will not re-locate.

Scandinavia - Senior Partner/Director Ref SP150Generalist/ Board levelSixteen years exp. in Executive Search, focussed onInternational Board level search within Technology,Industry and Consumer. Exp of running own boutiquecoupled with top 10 Search firm pedigree. Seeks to furtherdevelop a new Office in Scandinavia for growing UK, EU orUS search firm. Fluent Danish, English, German and French.Will re-locate within Europe.

For a confidential discussion on these and other profilesplease email: [email protected]

STRATEGIC SEARCH ALLIANCES

Switzerland Ref SA154Finance & Pharmaceutical An established Swiss based Search & Selection firm with ablue chip international client base is looking for an alliancewith a similar or complementary international search firmbased in Germany, UK or US.

London, UK Ref SA156 Seeking Alliances in Europe and the US- A fast growingboutique Search firm with an HR consultancy arm and agrowing number of European clients is seeking strategicalliances with specialists and generalists in Europe and theUS.

US & Pacific Region Ref SA158Generalist or SpecialistLarge International Search network with an Internationalclient base is looking to grow its network considerably in2003. Interest is sought from established search firms nowwith a solid client base.

Pacific Region Ref SA153Financial Services, Consumer and TelcoA long established successful boutique Search firmcurrently seeks a larger, international, strong brand with aspecialist focus on similar industries and blue chip clientbase. Ideal alliances will be based in US or Europe.

London, UK Ref SA146Technology, Media, Finance, ConsumerAn ambitious, fast growing London based medium sizedSearch and Selection firm, (£3m+) is seeking to partnerwith an experienced and connected Search firm that canhelp add bench strength at Board level mandates toTechnology and other companies. Alliances must be USWest Coast based.

Alliance Partners Wanted We would like to hear from Search firms in all regions andareas of specialization looking for strategic alliances thatwill extend their global reach but enable them to maintaintheir independence.

Confidential enquiries to: [email protected]/thebusinesslab

Germany: +49 (0)69 951187 3 UK: +44 (0)20 7749 6100 US: +1 (201) 795 1202 Australia/Asia: +61 2 4578 0366 Rest of the World: +44 (0)20 7749 6100

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