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Financial recruiters join forces
A financial recruitment network headquartered in Grand Rapids is consolidating with a similar network in Virginia.
NPAworldwide, a fee-splitting recruitment network has announced it is consolidating with Virginia-based National Banking Network and as of Jan. 1 will operate as one entity under the NPAworldwide brand.
Dave Nerz, president of NPAworldwide, said the organization is excited to have the former NBN members officially become a part of the NPAworldwide family.
“These recruitment firms bring a depth of knowledge and experience in finance and accounting as well as banking and financial services that is unparalleled in the industry,” said Nerz. “We are happy to continue the traditions of NBN and to combine the best practices of both networks to improve results for clients, candidates and the members themselves.”
Nerz will serve as president of the combined organizations, which will be headquartered in Grand Rapids. The combined networks are placing nearly $60 million in salaries each year and sharing more than $13 million in fees annually, according to a press release.
The consolidation of the two recruitment networks began in September 2014 when NPAworldwide purchased all outstanding shares of NBN, which operates the Accounting Career Network and the Banking and Financial Services Career Network.
The acquisition not only connected NPAworldwide with more than 50 new member recruitment agencies at the time, but also allowed NBN to expand to new geographic markets.
NBN continued to operate independently of NPAworldwide after the 2014 acquisition while the organizations’ membership and services were evaluated “for the best integration opportunities to leverage the expertise of each network,” according to a Sept. 10, 2014, press release.
In reference to the recent consolidation of operations, Nerz indicated the two fee-splitting recruitment networks were extremely compatible and similar.
“Both recruitment networks offer membership by invitation only and have a thorough due diligence and reference checking process in place,” said Nerz. “Only premier firms with a commitment to fee-splitting and a high standard of ethics are extended membership. Exclusivity promotes and enhances open communication and trust that allow split deals to be done.”
The Grand Rapids-based global recruitment network was originally established as National Personnel Associates in 1956 to provide small firms the ability to compete in the recruiting marketplace at the international level. NPAworldwide has nearly 500 member offices and more than 1,400 recruitment consultants throughout six continents.