How a Factor Funds team met more diversity candidates and hired a female fund manager
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.
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.
- 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 | firstname.lastname@example.org
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.