Banking and financial head hunters merge
Merging banking and financial services recruiters, Profusion Group and Primary Asset Consulting (PAC) will ensure businesses within the sector have access to essential data, the chief executive of the combined entity believes.
The merger will see the creation of Australia's largest provider of recruitment and executive search services in the banking and financial services sector, from today.
Speaking to Money Management, Profusion chief executive, Rod Jones, said the merger would extend the service offering available to clients.
"Profusion and PAC have both been very strong within the banking and financial services for some time, and we have each maintained our revenue levels," he said.
"But it came to a point where we felt the consolidation of talent between the two companies was a very positive thing in order to extend our service offering to clients and to combine our depth of knowledge and experience to create and entity that provides an enormous amount of value-add."
Jones said the newly merged company, Profusion PAC Pty Ltd, would continue along the path that both businesses had been moving, of providing clients with market intelligence, rather than focusing on the traditional "transactional" approach.
"The traditional model of a recruitment company is to send in CVs and hope for the best… that just doesn't work anymore," he said.
"Recruiters have got to really embed their relationships with their clients and provide the value-add, provide the market knowledge, provide data, provide salary data and that's really been the approach of each of our companies, and we thought that by combining forces we would be able to provide a stronger value-add service to clients."
AUTHOR
Nicholas O'Donoghue
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
