A Strategic choice

Published in Monaco economie, article by Laetitia Reynaud

With offices in France, Russia, Cyprus, Lebanon, Ukraine and the United Arab Emirates, The Elkho Group is coming to Monaco, having taken over the recruitment firm, Norman Alex.

Carlos Khoury, fondateur et CEO de Elkho Group / Founder and CEO Elkho Group

Specialising in recruiting banking executives, The Elkho Group is one of the most successful financial head-hunting firms in Europe. Founder, Carlos Khoury, knows the Principality’s banking sector inside out: “I lived in Monaco between the ages of 11 and 27, before going back to Lebanon. I started out in 2002 at Norman Alex and then my career took me abroad. I know 90% of the bankers in the Monaco marketplace, so taking over and rebuilding Norman Alex is a return to my home territory and I would like to live in the Principality again one day.” After graduating from the EDHEC business school, Carlos Khoury first set up his company in France and then rapidly expanded to open offices all over the world: “At the start, I aimed to open one subsidiary a year, so coming to Monaco is part of this plan, for reasons of strategy but also because of its image. The Monaco authorities’ decision to adhere to international regulations is going to lend more weight to the Principality and will attract a younger and more upmarket clientèle. For banking professionals, the Monaco market is still attractive, with its very international aspects and a plethora of nationalities working here; the mix and diversity are very stimulating. As well as this, Monaco’s financial firms are moderately-sized, serving a clientèle of quality, which not only gives our candidates a better chance of promotion but also means their families can have an unrivalled lifestyle. Even if they don’t know the Principality well when they arrive here, they are always won over by all the advantages of this market, which is unique in Europe.”

One of the great strengths of The Elkho Group is that they are familiar with the needs of the executives on their books: “We follow them over a number of years, so we know their career history and skills, as well as their weak spots, all of which we present to our recruiting clients. Our aim is not to place someone at all costs but to found the person who will exactly fit the profile in question. I think it’s wrong that so many all-round recruitment agencies are operating in the banking sector: these placements require a good understanding of international finance and all its challenges. We are specialists in recruiting within the private banking sector and we place candidates at all levels, including CEOs. All candidates placed by us in 2016 are still in those jobs today and have great career prospects ahead of them!”

Keeping the human aspect at the heart of their strategy is one of the areas of development for Carlos Khoury: “I make sure that positions proposed to our candidates are not only suitable for them but also that they are lasting jobs – I don’t want to see candidates facing redundancy in six months or a year. There is increasing competition between firms, which can mean closures, mergers and staff cuts in big international banks. This is an ever-changing sector and I think smaller businesses are better able to adapt to the changes in regulations – another reason why Monaco is a strategic choice.”

In its nearly 10-year existence, The Elkho Group has formed firm links with people working in every sector of the banking industry in many different countries and it is now the first firm in Europe to offer retired private bankers the chance to bring in business. They are systematically approached by The Elkho Group’s specialised team in order to allow them to continue to work with some of their clients. The company also recruits in other areas and is able to offer candidates with experience in jobs peripheral to the banking sector: “There is a high demand in compliance, digitalisation and cyber security…our clients have the benefit of our worldwide database, allowing them to found the person with exactly the right skill set, which is a major advantage compared to our competitors, who often only work on a national level. I am lucky enough to work with young recruiters with very diverse professional backgrounds: the average age at The Elkho Group is 34, meaning they can easily adapt to the changes taking place in the financial world. These days, protecting sensitive information is one of the major concerns of everyone working in the sector; and digitalisation and artificial intelligence are important topics for consideration and development for our clients. Our sector will need more and more extremely specialised people.” The Elkho Group has offices in seven countries, with between four and 20 staff per country, with 16 different languages spoken and most management positions occupied by women. In the near future, there will be offices opening in Zurich, Geneva, Abu Dhabi, Germany and Kuwait: “In the long term, I would like to develop a franchise system but adhering to strict rules and with a unique database, so that we keep offering added-value and maintain our brand image.”