YouSaid · the spoken record

David Barrett

lines on the record
66
first
2017-09-25
most recent
2017-09-25
sittings or episodes
1
sources
podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

  1. “The science is really the systematic review of the marketplace. So if we're talking about a CIO search, there's typically three buckets. There's the sitting CIOs of equally or smaller-sized organizations across all the different asset owner buckets, family office, OCIO, plant sponsor, endowment federation. And in the context of the earlier conversations, you'll fine-tune that a little bit. And then the third bucket is the strong number twos in the related asset owner area. And then the third sort of most gray bucket is the best athletes. And that typically, first of all, you'll get a sense for how open the search committee is to best athletes, where we encourage it the most is when we're doing CIO searches typically for colleges, typically in non-money center locations. So, for instance.”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Typically, you might be talking to 12 to 15 board members, not to mention the internal staff. So we'll do that over the first couple of weeks while we're also doing our research and getting into the market. But it's important to put that time for the investment committee and the search community or even the non search committee members to feel bought into the process and they've been included and they've been heard. So there's lots of good reasons to do it in terms of getting to the right place and a successful outcome and people understanding how you got there. And then it's really a combination of art and science.”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Well, I think the first thing is because 75% of this is cultural fit spending is as much time with the existing team that's appropriate, but probably as importantly, the administration of the university or the foundation and then most importantly the board. So the search committee and the investment committee members of the board who are going to really have an impact on this hire and really get a feel for what's important to them and what are their key drivers and what must-haves and nice to haves in terms of the spec and the culture and just how the organization works. So once you've done that sort of due diligence up front.”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “When we're telling a client that our candidate has to have another 10% pop and comp, when they're like, well, that's because you're saying that because you're going to get a third of that. Yeah. So it's just in built-in.”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “An open-ended one third. We will discuss with the client going in a fair compensation agent. We will either do a flat fee or we will cap our fees at the midrange of a certain comp range that we think we can be successful for the client.”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “It's a great question. One alignment is you have fewer clients and so you have fewer off limits, so you have more access in the market. That's one alignment. Another alignment is in a boutique, because we're not volume-oriented, we can be doing fewer searches, and if we control our costs well, the economics should be just as good because we don't have all the overhead of a big firm. So if we're doing fewer searches by definition, our probability for success is going to be higher. We should be doing higher quality work, more thorough work, because we're doing less, fewer searches. And that's, again, a boutique can do that if it's properly structured. The other part of that is pricing, and the business has evolved a lot in the last 15 years where I think users of search are much more savvy. The days are gone where you can just say, you know, we're going to charge a third of the first year total comp. But we built our firm on the premise that we never did.”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “In an attempt to be kind of client-focused customer-centric business, how do you think about aligning your incentives with your client and where do you see some search firms make that work the right way and where might it go awry?”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “The clients that we like to work with, and it's, I'd say it's 90% of the time, it's not price at all. I'd say that the sophisticated and appropriate users of search, they will pick a firm and then they'll negotiate the price. And the pricing is going to be pretty consistent across.”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Is just being very client focused and very results focused and not worrying about the business itself. And that's why I like having a small private boutique versus when I left Heydrich fourteen years ago, you know, a public company where it wasn't client-focused. You needed to keep growing the business. And a professional services firm, it's not an infinitely scalable business. And even in the ENF world, I can't do every CIO search. I mean, I've had to pass on two or three very good CIO searches in the last two years just because it's a conflict with our existing search base. So you have to, you know, being boutique, client-focused, it's still, you know, it's day-to-day hand-to-hand combat. There's lots of good firms out there that we compete with, both small, medium, and large, especially in the ENF family office world. We will be part of a bake-off. And we either get called to be.”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Well, it's professional services business, so we work project by project. And the good part of that is that everything's always new and different and interesting. The bad part of that, and I'm speaking from sort of the founding partner perspective, is I've got four offices and 25 people, and we literally don't know who's paying our bills in four months. We're recurring revenue. Yeah. Every January, we crank it up again. But so does McKinsey, and so does all the law firms. And so I think one of the important things in terms of longevity in this business”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “At a college in business school, I was an equity analyst, and my career peaked at Trust Company of the West in the late 80s as an electric utilities analyst and quickly learned that my attention span was not up to, but it was going to take to be a really needle moving equity analyst. So I joined Russell Reynolds in the late 80s in Los Angeles, and it was really in the context I loved the investment business, but I realized I was much more interested in the relationship and people side of the business. And I've been doing it with, did it with Russell Reynolds and Heydrich for 17 years. And this week marks the 12th anniversary of DBP. So we are a global buy-side shop, New York, Boston, London, and Hong Kong. And all we do is buy side recruiting, a lot”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Are you Chris Chambler? Bit here. I have every sign ball of every Yankee who played on the 77 and 78 team. Oh, that's awesome.”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Well, my core interests are the 77, 78 World Series champs. I won't date myself too badly, but let's just say I remember that vividly in terms of growing up. But the entire Yankee... Span of grates is covered here and at home”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “The good news is financially I've run out of wall space so there's not much else I have to do And my wife plays with that too.”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Ted, thanks for coming by. And like a lot of recruiters, I don't have a lot of outside interest or highly cultured, but the walls here are filled with Yankee memorabilia, which is also what my house looks like. So it's very consistent with my out-of-the-office interests.”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “My guest on today's show is David Barrett. David is the founder of David Barrett Partners, a leading executive search firm focused exclusively on buy side asset management. Prior to founding his eponymous firm in two thousand five, David spent nineteen years in the search business, including Longstints at Russell Reynolds Associates and Hydrak and Struggles. He began his career as a self professed failed equity research analyst in the early 1980s and as a graduate of Yale University in the Columbia University Business School. In just the last two years, David's firm has completed searches for the chief investment officer positions at Harvard University, Dartmouth University, the University of Texas Investment Management Company, TIFF, and the cystic fibrosis foundation, each multibillion dollar pools of assets. Our conversation”

    2017-09-25 · Capital Allocators · David Barrett – Searching for Leaders (Capital Allocators, EP.26) · IDENTIFIED FROM THE TRANSCRIPT · source