European HQ,
US Based Regulated Digital Asset Exchange
Engaged on an exclusive basis following a competitive process to identify and attract a first class CEO and Chief Compliance Officer & MLRO for their new Irish Entity.
Time was of the essence due to Central Bank deadlines for securing a VASP (Virtual Asset Service Provider).
Our client required confidentiality, speed and access to a small pool of qualified people with backgrounds in regulated entities and Digital Assets.
At the time of this engagement, Nexus Search had supported senior leadership appointments across 9 of the 11 VASPS registered with the Central Bank of Ireland - a position that reflected our early and sustained focus on the digital assets sector
The Client
Our client was a US based FinTech who had recently closed a significant funding round to launch a regulated exchange. Backing was from top tier VCs and the founders had pedigree having built and sold previously.
They needed candidates who could match the technical requirements of both roles but also, fit the culture of the business - dynamic, fast paced and highly entrepreneurial.
Market Conditions
The regulated Digital Asset space in Ireland has continued to grow. With Ireland seen as being a regulatory destination of choice, by reputation, it is an attractive location to base European Operations.
The flip side, the regulatory standards require commitment to hiring appropriately qualified and experienced individuals, particularly for senior roles designated as PCF (Pre Approved Control Functions).
The combination of Digital Asset experience and having previously held a PCF role in a regulated entity made the market pool tight.
Tight markets require trust to penetrate. Skills are in demand and people are used to being approached. The Digital Asset space also has a prevalence of somewhat undesirable opportunities. An approach from a trusted person will always go way beyond a somewhat anonymous and cold LinkedIn message.
The Search
Due to Paul's profile in the Digital Asset space, a long list was quickly generated of people with the requisite mix required. This was additionally supplemented with a number of prospective candidates without Digital Asset experience from MiFID firms due to the close alignment with upcoming MiCA regulation.
This supplemental search was focused on MiFID regulated firms with reasonable scale that had experienced recent growth in Dublin and required deep research and careful attraction methods.
This long list for both roles was thoroughly evaluated through in depth interviews resulting in shortlists being delivered quickly.
Highlights:
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First interview 1 day after terms signed for CEO role
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First 3 profiles for CEO and 1 for CCO after 3 days
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First interviews arranged 10 days after terms signed
Outcomes
After an extensive process, preferred candidates were identified, offered and contracts signed with no negative surprises.
No search is ever completely straight forward but what set this up for success were a number of key factors:
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The client completed a process before selecting a search partner. With our pitch conditioned on exclusivity, this guaranteed complete engagement once we were selected.
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A well designed interview process with speedy feedback and momentum maintained throughout ensured candidate engagement.
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Personal networks are key for hires like this - tight market, trust required and speed needed.
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Offers were pitched correctly first time leading to easy agreement.
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A tightly managed process - consistent communication and management leading to no negative surprises (people dropping out of processes, last minute hitches, etc.)