Insights

How a growing asset manager made its first ESG hire.

Read and share this case study here (PDF). 

Mandate and Challenges

Our client is a growing asset manager with a long history of value investing, including a top-ranked equity Global Value team which identified the need to integrate ESG factors into their investment process. TLG was engaged exclusively to identify and attract an ESG Analyst who would develop a new ESG framework, identify governance priorities, and integrate ESG factors into the Global Value team’s investment process.

Framework – as ESG factors are achieving mainstream consideration, many investors still do not have a framework for their integration. Our client needed to meet candidates with experience developing a framework from scratch.

Consensus – the effects of ESG factors on investment performance are still being debated. Our client needed candidates with strong leadership qualities, including the ability to engage skeptics and build consensus within the Global Value team and beyond, including the C-suite and other investment teams.

Turnaround – TLG was awarded the mandate after a retained search firm was unable to generate adequate results, including strong engagement from short-listed candidates. TLG needed to provide a fresh look and prompt turnaround.

Solution

TLG has mapped the market of ESG investment talent and developed relationships with relevant leaders in asset managers, consultancies, and ESG data providers. At the outset, our filter yielded a long list of 76 potential candidates who were not previously engaged.

We customized our screening interviews to capture our Client’s needs for experience in ESG framework development, positive leadership traits including consensus-building and advocacy, and genuine interest in the opportunity.

Success

Diverse short-list – TLG short-listed 13 profiles, 11 of which were selected for interviews (85%). 6 of those 11candidates are diverse (55%).

Finalists – 3 highly engaged finalists were identified 5 weeks from engagement.

Placement – with our help, the Company landed a passive candidate they were targeting from start to finish. Also a diversity candidate, she was pre-closed by TLG and accepted the offer within 24 hours of delivery. She starts in March.

Sean Locke is Managing Partner and Founder of TLG | slocke@locke-group.com

The Locke Group (TLG) is a specialist executive search firm which has served the financial industry since 2003. As a boutique, we are deeply invested in our clients – our care for their experience and the experience of their candidates is second to none – and we possess both the strength and flexibility to deliver results which help to power their business.

A critical hire for a growing energy investment banking team. 

Read and share this case study here (PDF). 

Mandate and Challenges

Our client is a global bank with a rapidly growing corporate and investment banking presence in the United States. As a part of their efforts to build their Energy Coverage business, the Company was successful in hiring senior bankers from bulge bracket American firms but needed to turn their attention to finding an experienced Vice President to “quarterback” new deals. The team wanted a Power & Utilities specialist from a top firm who would ideally have additional deal experience in renewable energy.

Solution

After consulting with the head of the team, TLG recommended a nation-wide search strategy targeting teams from major global banks as well as leading energy and infrastructure boutiques. We identified teams in major metro areas including New York, Houston, San Francisco, and Chicago.

To attract strong candidates, we leveraged our client’s inherent advantages – their collaborative culture, stability, sizeable balance sheet, and their growth trajectory. Most importantly, the role offered opportunities for professional development and promotion. We reached out to candidates within our existing network and beyond via referral and direct outreach.

Success

Within 10 days of receiving the mandate, TLG interviewed more than 10 Power & Utility Coverage VPs and presented a short list of 6 interested candidates to our Client. Each candidate hailed either from a major North American bank or a leading boutique.

5 of the 6 presented candidates were invited to interview and, after a short-but intense process, a finalist was identified and hired – 29 days after kicking-off the search.

The new hire came from a Chicago-based boutique which focuses on energy and infrastructure banking, with a specialty in renewable energy projects. His renewables experience proved critical to the early success of the team and he was promoted to Director in his second year with the firm.

Sean Locke is Managing Partner and Founder of TLG | slocke@locke-group.com

The Locke Group (TLG) is a specialist executive search firm which has served the financial industry since 2003. As a boutique, we are deeply invested in our clients – our care for their experience and the experience of their candidates is second to none – and we possess both the strength and flexibility to deliver results which help to power their business.

How a top asset manager found its investment data strategy leader.

Read and share this case study here (PDF).

Mandate and Challenges

Our Client is a leader in active investment management with long record of excellence and a growing global presence. They recognized the need to hire an Investment Data Strategy leader as a part of ongoing efforts to enhance their research process and improve investment performance.

They needed to define a brand-new leadership position, set a recruitment strategy, and attract a diverse slate of candidates. The right candidate required broad market and alternative data knowledge, experience setting data strategy across multiple asset classes, and the leadership qualities to build consensus among senior leadership and front office investment personnel.

Solution

Together, we agreed to search for a Director of Investment Data Strategy with comprehensive responsibility for data sourcing and strategy across investment products. The individual would partner with investment leaders to understand their data needs, advise, and set both short- and long-term strategic goals. We designed a search plan which targeted two distinct candidate profiles:

.Content and Data product leaders from major market data providers, and
.Data Sourcing and Strategy leaders from competing fund managers.

Success

Diverse short list – TLG provided a short list of 11 candidates, including 5 diversity candidates (45%), 4 candidates from major data providers and 7 candidates from competing fund managers.
The data providers stood out – each candidate from major data providers performed well (including the 2 finalists for the position), seeing multiple rounds of interviews. Diversity of client experience proved more valuable than more narrow in-house experience.
Successful hire – Our Client hired their top choice, a Vice President from FactSet’s Content & Technology Solutions division. He started with the Company in November 2020.

Tom Hudson is a Partner and Head of TLG’s Quantitative Services practice | tom@locke-group.com

The Locke Group (TLG) is a specialist executive search firm which has served the financial industry since 2003. As a boutique, we are deeply invested in our clients – our care for their experience and the experience of their candidates is second to none – and we possess both the strength and flexibility to deliver results which help to power their business.

How a global hedge fund diversified its trading desk.

Read and share this case study here (PDF). 

Mandate and Challenges

Our Client is one of the world’s foremost high-yield and distressed asset hedge funds. They have a longstanding commitment to excellence and the highest standards for hiring, but like many hedge funds, their trading team lacked diversity. They needed to hire a Junior Trader with cross-asset experience (credit and equity) and were committed to diversifying the team, but their initial search did not yield enough relevant candidates. The Company had no recruitment history with TLG but knew us by reputation.

Solution

After consulting with the Head of Trading, we were engaged on an exclusive basis to identify and hire a diverse, Junior Trader. Our strategy targeted two profiles:

• Rotational program graduates – candidates from top global banks who rotated through relevant credit and equity (or derivative) trading desks;
• Structured derivative traders – candidates with deeper experience trading structured equity and/or credit derivative products.

In both cases, TLG successfully leveraged existing relationships while developing new leads via referral and cold outreach.

Success

• Quick turnaround – within 1 week receiving the mandate, TLG presented a slate of 12 diversity candidates who matched the hiring manager’s criteria;
• High success rate – 6 of 12 (50%) candidates were selected and completed a rigorous interview process, including a technical case study and trading pitch;
• Top candidate – with the help of TLG, the Company offered and closed their top candidate less than 6 weeks after commencing the search. Both the candidate and the Client have communicated excellent feedback to TLG in the 4 months after the hire.

Sean Locke is Managing Partner and Founder of TLG | slocke@locke-group.com

The Locke Group (TLG) is a specialist executive search firm which has served the financial industry since 2003. As a boutique, we are deeply invested in our clients – our care for their experience and the experience of their candidates is second to none – and we possess both the strength and flexibility to deliver results which help to power their business.

Working together to land a Direct Lending Associate

Read and share this case study here (PDF)

Mandate and Challenges

Our Client is an independent asset manager who is scaling and diversifying their business to remain competitive with larger fund companies. They have made multiple acquisitions in Alternative Credit and in July 2020, the Company decided to make its first outside hire under its own brand – a Direct Lending Associate. They faced several challenges:

• Rebranding – after the rebranding, the Company was still establishing its name in Alternative Credit and Direct Lending
• Intense competition – the Alternative Credit industry was booming. The Company faced stiff competition from larger competitors for new talent
• High standards – maintaining the same high standards for hiring, despite rebranding and high competition
• COVID-19 – they were forced to interview and make selections remotely, while attempting to convince candidates to make a career change mid-year, amidst the uncertainty of the COVID-19 pandemic.

Solution

TLG was hired for its ability to quickly reach top passive talent in Leveraged Finance groups at leading banks. We tapped our existing network of candidates from a mix of global banks and top boutiques and crafted our message as follows:

• Impact – joining a leaner, more collaborative team would offer more responsibility and the opportunity to make a greater impact
• Visibility – similarly, the lean deal-team offered visibility to senior stakeholders, clients, and therefore more opportunities for professional development.

Success

The message was well received. Within 48 hours of commencing the search, TLG contacted, interviewed, and presented 9 candidates from leading Leveraged Finance teams. 6 were selected for interview, including 3 diversity candidates (50%). The Company identified two finalists who met their standards, fit their culture, and they hired their top choice within 60 days of contacting TLG.

Sean Locke is Managing Partner and Founder of TLG | slocke@locke-group.com

The Locke Group (TLG) is a specialist executive search firm which has served the financial industry since 2003. As a boutique, we are deeply invested in our clients – our care for their experience and the experience of their candidates is second to none – and we possess both the strength and flexibility to deliver results which help to power their business.

How a Factor Funds team met more diversity candidates and hired a female fund manager

Read and share this case study here (PDF)

Mandate and Challenges

Our client is a global asset management company with more than $1 trillion in assets under management. While we were partnering on an investment mandate, the Company approached us for help with a second search. They sought a Portfolio Manager to support the construction and management of their growing Factor Funds business. Recognizing the team and larger business area were male-dominated, the Company further sought to hire a woman for the role. After conducting their own search for more than 6 months, they were not any closer to securing a qualified diversity candidate.

Solution

In our assessment, the Company did not need to retain a search provider, so we recommended a contingent solution. We offered to supplement their pipeline with diversity candidates at no up-front cost. TLG has a living market map of quantitative fund management teams and relationships with many of their leaders. We offered to query our industry network while suggesting the team expand their target profile to include candidates from academia. We targeted candidates from both sectors.

Success

• Augmented pipeline – TLG interviewed and introduced 8 diversity candidates, including 6 women. 6 of the 8 worked in investment roles, while 2 were professors from major universities.
• Added exposure – 5 candidates were selected for interview and 3 completed onsite interviews with a slate of senior leaders and investors. The added exposure to several qualified diversity candidates was a major point of success for the hiring team.
• Placement – the Company ultimately hired from TLG’s pipeline. A professor from a top-10 Finance department, the candidate was referred to TLG by a Client contact who had co-authored research with her. She had built a career in academia but, in the end, desired to apply her knowledge in the industry. Via the TLG network, she found a great fit with our Client. She started with the Company in August 2020.

Tom Hudson is a Partner and Head of TLG’s Quantitative Services practice | tom@locke-group.com

The Locke Group (TLG) is a specialist executive search firm which has served the financial industry since 2003. As a boutique, we are deeply invested in our clients – our care for their experience and the experience of their candidates is second to none – and we possess both the strength and flexibility to deliver results which help to power their business.