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The last hiring headhunter

Recruitment firms may be cutting fees in an effort to inspire hiring before Christmas, but at least one firm is still in expansion mode.

Correlate Search, formerly known as Akamai Financial Markets, formerly known as Alexander Mann Financial Markets, is understood to have hired a team of eight or so people formerly employed by the Whitney Group in Asia.

US-based Whitney Group went out of business in October and is suing its CFO for ‘misappropriations’.

Akamai Financial Markets had problems of its own back in April, when it was sold to new owner Hexagon Group for 1 after accounting irregularities were discovered at its parent.

Jonathan Wright, chief executive of the Hexagon Group, declined to comment on the hires, saying only that Hexagon had no interest in buying new businesses in Asia, but that an interest in “recruiting good people would be a different matter”.

One headhunter with knowledge of the Asian market questioned Hexagon’s timing: “The general feeling is that Asia hadn’t been as badly hit as the London market until a few weeks ago, but since then there have been quite a few mandates cancelled or suspended.”

Comments (13)

  1. They must be mad..or more likely be buying some locally paid (ie v.poorly paid)indigenous recruiters.The Asian market is perilous in the extreme .

  2. Headhunter Good man Mason has just started a price war…what a stupid tactic…what if the bank they sent this to go… “Thank you for the discount…now we’ll keep it at that rate for ever…you don’t like that…then f off…” and that is what the banks will do… The consequences for the rest of us are such:
    1) This will bring in the cowboys all competing over price just chucking in candidates, without their permission to make a hit…never good for the candidate…imagine what HR will think if your CV comes in for two different jobs…one from your reputable HH the other from the dodgy recruiter…they wont want an indecisive Joe like you..
    2) The quality HH’s will be priced out…not good for candidates as they will suffer….the good headhunters will go bust and the good candidates never represented in the right way…which will decrease their earning power (a good HH knows the client, doest chat to silly HR and can get the best possible package)
    3) The person who wins in the end is the wicked witch of the north south east and west… madam HR…

    I wonder if the dude in charge of that firm even has a college degree…what a cartoon..

  3. Hi JonnyB. Just to clarify – the cartoons in the flickr click through aren’t by Goodman Masson. They’re by Fintag, a hedge fund manager/blogger (who probably does have a degree).

    Sarah, Editor, eFinancialCareers Reply
  4. Umm Sarah, your link goes to a Flickr page showing a photo of a Goodman Masson email, in which they offer a 10% fee discount. Not sure what you’re looking at, but Johnny’s points do stand. Albeit it reads to me that Goodman Masson are offering a discount on their fees for temps, which is unlikely to have the kind of knock-on impact on perm fees that JohnnyBG fears…

  5. That’s from Goodman Masson. Just want to make it clear that the miniature cartoon on the right of that (which thought JBG might be referring to) isn’t…

    Sarah, Editor, eFinancialCareers Reply
  6. No I wasn’t referring to the cartoon…I was saying that Goodman Mason are a bunch of cartoons implementing this tactic!! but “A reader” has a good point…I didn’t read carefully and read that it was for Temps….I still have a feeling though that it will eventually go against them on the temps side and can possibly work its way to Perm…although I hope banks have some brain cells alive and realise starting a price war may just cause them to receive unsolicited CVs and a bad service overall..

  7. Didn’t recruiters walk out of Akamai over unpaid commissions? I’d guess the number of times “formerly known as” appears should be a fairly good measure of the risk of them blowing up again.

    Regarding the point about fees, surely a realignment in light of the downturn should be viewed as commercial sense. For recruiters with strong relationships, a willingness to “share the pain” with their clients may well pay off in both the short and long term.

  8. Do someone can explain me what’s the value added by recruiters, other than posting the job offer and collecting CVs?
    Recruiters generate their revenus by occuping the spaces available for communications between employers and candidates. They make the direct communication between demand and supply very difficult, and then they charge a fee to allow employers to get access to candidates CVs…

  9. MA you have clearly never been headhunted, keeping applying for those roles advertised there’s a good little boy/girl!!!!!!

    Mr Head Hunter Reply
  10. Any chance to have the names of the main recruitment companies employing cowboys please ?

  11. Correlate hiring this team illustrates how out of touch they are with the Asian market. Its obvious nobody in there knows much about Asia. In Q4 the Asian hiring markets tanked big time AND THE REALLY MAJOR LAY-OFFS ARE JUST STARTING. They would be better off putting money into their existing business and supporting their people.

    I’d say thats a great deal for the Whitney team in Asia!

    Mr Head (hunter) Reply
  12. MA you obviously don’t understand that good recruiters only provide interviewed and assessed candidates for jobs and have considerable expertise in supplying the right canddiate not just any individual.

    “DIY” senior recruitment is proven to be much less likely to end in the right hire.

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