Adcorp of South Africa sets up London search firm with Astbury and Barone

The new company, the Sandton Group, will be a partnership with two London headhunting veterans, Jonathan Astbury and David Barone.

Astbury co-founded and runs the financial services search firm, Astbury Jones Search and Selection. He also co-founded Astbury Marsden, another financial services specialist in which he sold his stake in 2000.

Barone is a former head of equities search at Odgers Ray & Berndtson. He left the firm two months ago.

Astbury said both the Sandton Group and Astbury Jones Search and Selection had received "substantial" financial backing from Adcorp.

The two London-based firms would offer a complementary service, with Astbury Jones focusing more strongly on commercial appointments. The Sandton Group will work on financial services mandates and its activities will include advising on retention strategy and European expansion policy as well as search.

"Sandton will mostly work as a retained company on an advisory basis," said Astbury.

The Sandton Group is Adcorp's first foray into human capital services outside South Africa. It is listed on the Johannesburg stock exchange and turnover was more than 700 million rand (€70 million) in the year to June 2002.