(Bloomberg) The Supreme Court will make it harder to hire a diverse team
“Two cases pending before the justices involve affirmative action at universities, but there are clear implications for companies.”
Stay tuned for our comments on SCOTUS’ decision.
(McKinsey & Company) The state of diversity in US private equity.
McKinsey & Company examine the efforts of PE firms to ensure a diverse workforce. The data shows that private equity firms have increased the percentage of ethnically diverse talent and women employees but note that promotions for women and deal-team diversity metrics are still lagging.
How a growing asset manager made its first ESG hire.
Read and share this case study here (PDF).
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.
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.
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.
How a global hedge fund diversified its trading desk.
Read and share this case study here (PDF).
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.
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:
In both cases, TLG successfully leveraged existing relationships while developing new leads via referral and cold outreach.
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)
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.
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.