The first half of 2010 has been a good one across the Nordic region. Already this month it has been announced that two new funds have been raised – by HitecVision and Polaris – in both instances the largest funds these firms have raised. Investor interest in private equity in the Nordics has held up well, with both funds attracting new LPs from a more international investor base across Europe and the US. This follows on the heels of the successful fundraising efforts of a number of Nordic funds in 2009, a time when most international funds found fundraising much harder going.

We’ve seen these successes reflected in the recruitment in the region over the first half of this year with a strong pick-up after a relatively quiet 2009. A number of funds started to recruit towards the end of Q1 and are continuing in Q2, often recruiting for multiple hires.

This reflects trends in the UK and elsewhere. Much of the hiring is for associates as funds bring new talent into the firm, having perhaps not recruited in 2009 or even in 2008. There is concern that a talent gap may result if the investment managers of the future are not identified now.

Another key trend for this year is the demand for Finns, Danes and Norwegians. We’re regularly asked by clients, those of Swedish origin in particular, to help diversify their language base with the recruitment of star candidates with native fluency in Danish, Norwegian and Finnish. Our experience confirms their impression that strong Swedish candidates are easier to identify and there are some super candidates in the investment banks and consultancies. But their Nordic brethren from their neighbouring countries are harder to find. There are simply fewer of them, especially in the investment banks.More...

A job spec can be an invaluable tool to help focus your recruitment on what really matters to you – right from the start of the search.

It doesn’t need to be a formal written document. An informal discussion with your recruiter in which you lay out the description you need can be equally effective. The main benefit to a job spec agreed with your recruiter is that it provides an objective measure throughout the recruitment process. Until you’ve sat down and made a list of the key criteria – the must haves and the would likes, it can often be difficult to picture your preferred candidate, both for you and your recruiter.

For analyst and associate recruitment – where the number of candidates which meet the general requirements is broad – this is especially important. On first thoughts your needs may appear universal and easily identifiable – e.g. good training in investment banking; exposure to private equity transactions; a commercial mindset; good modelling skills. But you might be surprised by just how specific your needs turn out to be once you and your recruiter start putting them to paper. And it is crucial your recruiter understands these needs to identify just the right person for you.    More...

PER visited the leading business schools across Europe this autumn, including INSEAD, LBS and IESE, and some interesting themes have emerged. With all the uncertainty in the global markets and lack of M&A transactions in the past two years, there has been a flight to enrol in MBA programmes and there will be a talent bulge coming out in 2010 and 2011.

We were pleasantly surprised to find that the PE clubs at all the business schools are thriving with record attendance. Interest in PE has rarely been higher as an increasing number of strong candidates consider private equity as a serious option, given that the traditional routes of investment banking and strategy consulting are limited. The major benefit to recruitment in PE today is that top calibre MBA candidates with backgrounds in consulting and industry are much better educated on the private equity sector than before.

So what impact has this had on the chances of finding good candidates at the business schools? There is talent to be found, but the pool of star candidates with suitable backgrounds is still limited. 

Spotting the top performers with good transaction exposure and relevant industry experience is a major challenge year on year. Many of the 2010 MBA class did not work on a transaction in 2008. And an MBA candidate with a lack of deal experience will not meet your expectations compared to MBA candidates from previous years.

Another theme counting against MBA recruitment is a long familiar one: the best candidates already have offers from either their employers who sponsored their MBA, from banks or consulting firms who offer early in the year or from their internships. The best candidates will always have options.  You may need to consider paying sign-on bonuses to help with student loans as many of the leading banks and consulting firms do. Simply put, they’re more expensive to prise free.

On the bright side, now may be a good time to pick up associate and mid level stars with prior PE experience. The 2009/10 classes contain some impressive candidates who applied for their MBA in the better times of 2006/07 when it was unimaginable they wouldn’t find a new position on graduation. These candidates did two year analyst programmes in leading funds and were highly regarded with good transaction experience, but with headcount at a premium, there simply hasn’t been a chance for them to return.

They’re having to keep their options open and many are considering something a bit more entrepreneurial or in a different part of the market – perhaps at a smaller deal size.  These could provide some useful experience.