To ensure all those included are compared on an equal basis firms are asked to provide their Net Fee Income (NFI) for the financial year 1st April 2014 to 31st March 2015. NFI includes only fees earned from retained executive search assignments billable, transacted or originated by consultants based in the UK. A portion of foreign earnings is included if it relates to work carried out by UK based consultants. Fees paid for any other value-added services e.g Leadership Consulting, Board Evaluation or Interim Management fees, advertising or expenses are excluded. The total figure is then split into two separate markets – those assignments with first year guaranteed compensation above £200k (we have also included NED roles in these tables) and those where the compensation is below this level. These figures are then expressed as a % share of the market. The total market is defined as those companies represented within the survey.
Due to the sensitive nature of this analysis, Executive Grapevine guarantees not to make public the source data provided. In the very small number of instances where firms choose not to reveal their NFI, an estimate has been used. Where estimates are listed, it is largely due to firms being unable to separately record the activity of their practice groups by industry sector. This year we received detailed disclosure from over 90% of the participants in the report, making it the most accurate map of the executive search industry ever produced. All submissions made by firms appearing in this report are pressure-tested against the Grapevine Industry Analyser™, a proprietary statistical model that has been developed over the last decade. This evaluates the information provided, and allows a consistency check with Executive Grapevine’s own predictions.
Net Fee Income Growth 2014/15
The increase in like-for-like (LFL) NFI 2013-14 of the search firms included in this report was 8.2%. This is the second successive year of positive year on year NFI growth and the fourth year of recovering revenues for the industry.
These Net Fee Incomes of all the firms have been split into eight broad industry sectors; Global Banking and Markets & Asset Management, Retail Financial Services, Industrial, Consumer, Media and Healthcare, Technology & Telecoms, Professional Services, Pharmaceuticals & Life Sciences and Government & Not-for-Profit.
Where firms have specialist functional groups we have attempted to allocate these into an industry sector accordingly. The assignments have then been split into Board, NED & Leadership roles, with salary, or pro rata compensation at £200k plus, and a second group of Senior Management roles with compensation between £100k-£200k.
|Ranked||Search Firm||Market share of NFI (%)|
|1||Odgers Berndtson UK||8.9|
|2||Korn Ferry UK||8.0|
|3||Egon Zehnder UK||7.3|
|4||Russell Reynolds Associates UK||7.1|
|5||Spencer Stuart & Associates UK||6.2|
|6||Heidrick & Struggles UK||5.1|
|11||The Zygos Partnership||1.5|
|11=||Sheffield Haworth UK||1.5|
|13||Marlin Hawk UK||1.4|
|15=||Heidrick & Struggles Ltd | JCA Group||1.3|
|18||Pure Search UK||1.1|
|19||The Omerta Group||1.0|
|19=||Hogarth Davies Lloyd||1.0|
|19=||The Miles Partnership||1.0|
|19=||Fox Rodney Search UK||1.0|
|25=||Hoggett Bowers Executive||0.9|
|27=||Norman Broadbent UK||0.8|
|27=||Sainty Hird & Partners||0.8|
|30||Trezona & Co||0.7|
|30=||Coulter Partners UK||0.7|
|30=||Wilton & Bain||0.7|
|33||The MBS Group||0.6|
|33=||Cripps Sears & Partners||0.6|
|33=||The Inzito Partnership||0.6|
|40=||Per Ardua Associates||0.5|
* estimated figure