Our client, a pension fund controlling around £5 billion worth of assets, came to us with a problem. The Chief Financial Officer they had just hired was an impressive hire, with a wealth of experience in handling the complex financial requirements of a major pension fund. The trouble was that he was so competent, his current employer required him to work a 12 month notice period and wasn’t prepared to negotiate an early exit. There was, therefore, a gap to be filled, and Moorlands Human Capital were charged with finding an Interim Chief Financial Officer.
With the client having to wait a year before they could welcome their new Chief Financial Officer on board, an interim manager was required to provide overall leadership to the finance function team of this UK-based pension fund. The temporary hire would need to boast many of the qualities that the permanent incumbent retained, including in-depth experience in accounting for complex investments, and thus the client was having difficulty finding a suitable candidate.
The easy answer would have been to second from within; however, the pensions fund didn’t have the resources to make this a viable option. During our consultation with the client, it was made clear that the vacant position needed to be filled by an external candidate with relevant experience. We therefore conducted our interim management search with the caveat that applicants to the position must have had experience of working within either an asset manager or a pension fund. We also sought experience of accounting for derivatives and swaps, which are highly complex areas for the fund. We boast a fine record in terms of hiring the best senior executives on a temporary basis, and we were confident that we could identify individuals who could meet the client’s requirements to a tee.
After combing through a number of applicants, we managed to successfully place an Interim Chief Financial Officer in the role just 10 days after initial contact with the client. Our approach was vindicated, as the candidate hired remained in situ for 12 months while the incumbent saw out their period of notice. The client recently got back in touch with Moorlands Human Capital to update us with this information, and also to thank us for a professional job well done!
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