Pascal Duval, the former CEO of Russell Investments’ European operation who quit in September last year, has launched his own firm and is hiring cheap young talent to get it off the ground.
Juniorisation, so widespread in investment banking, has finally hit asset management and Duval appears to be embracing this. Launched in January, according to filings on the UK's Companies House, Duval Capital LLP currently has only one other employee - Duval's wife Francoise.
However, Duval is hiring. Rather than bringing in senior staff – which is typical for senior financiers starting their own firm – Duval his hiring students. He’s looking for graduates and interns who want exposure to the wealth and asset management industry and “direct exposure to senior executives in large players”.
The roles start in March or April, and internships last for 6-9 months with the chance to secure a permanent role afterwards. Marketing, digital technology and social media skills are all required.
This is a different approach to other senior asset managers who have set up their own firms. The most high profile example is Neil Woodford, the former Invesco Perpetual star fund manager who left to launch Woodford Investment Management in 2014. From the get-go, Woodford hired in senior staff - largely former Invesco employees - and also surrounded himself with highly-ranked analysts.
Duval didn’t respond to requests for comment.
Duval quit his role as CEO of Russell Investments for Europe, Middle East and Africa in September last year. He stayed until the end of 2016 to help plan for his successor, but a replacement has yet to be named. Duval left a year after Russell sold its investment arm to TA Associates.
Duval worked at Russell Investments for over 22 years, having joined in 1994 to set up its office in Paris. He was named CEO for EMEA in January 2012, replacing Len Brennan, who was named global president and CEO.
Photo: Getty Images