A boutique US based high yield asset manager was searching for a European head of business development to be lead its small London sales office as it sought to future proof the business by decreasing its reliance on US clients. The search had been running for eighteen months through a US based search firm. The manager was very particular on finding someone who could meet the product requirement and cultural fit. The business had a very long conservative history and needed to find someone who understands that culture whilst still being able to adapt to the differing styles of European investors. When we first spoke to the client they believed that they had covered the entire market in London for potential candidates and had cancelled the search accordingly.
On speaking to the client we demonstrated to them that their previous search firm had left many ‘stones unturned’. We flew to the US to meet with them and discuss the role and demonstrate our detailed market maps. This allowed us to highlight that certain candidates actually had the required the product knowledge where it was not always initially obvious. Over the course of four months and twelve new candidates meeting with the client, we refined the cultural criteria that were so important. This resulted in an offer being made and accepted by a candidate who came from an anomalous background that did however still meet all the product and cultural criteria that was necessary.
From being on the brink of closing down their London based European business development office and moving all responsibility back to the US, the client was able to see a number of relevant candidates from not so obvious avenues. From which they were able to hire a head of European business development. The client has subsequently grown the London office with the further hiring of two business development professionals.