Headhunters form Europe-wide alliance

The alliance, to be known as FINSAL (Financial Search Alliance), will be operative by September 2002. Member firms will include: MB Consulting in Frankfurt, Van Turenhoudt and Partners in Brussels and Luxembourg, Financial Assets in Amsterdam, Vendomes Associes in Paris, and Allemby Hunt in London. All specialise in front office investment banking recruitment.

Marc Hamel at Financial Assets said that the alliance is intended to combine a strong local presence with European reach. "Investment banks increasingly want one global headhunter as their supplier, as well as local suppliers for each market. Global headhunters focus on top positions for which nationality is irrelevant, while local suppliers look for local specialists. We are aiming to cater for both requirements, with one point of contact and one fee structure."

Even prior to the alliance being formalized, the companies have already worked on a pan-European basis. Hamel said that the head of human resources at one American bank in Amsterdam was promoted to the head of HR in Frankfurt too. Thanks to the alliance with MB Consulting, he was able to use Hamel as a contact for both Dutch and German staff.

Hugo Hunt at Allemby Hunt in London says that other small headhunters could benefit from similar alliances. FINSAL may ultimately lead to a merger between the participants said Hunt.