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January 14, 2025 – Executive recruitment firm Bay Street Advisors has appointed Edward Fernand as partner and practice head of investment banking & private markets. “Ed’s market expertise, leadership, and results-driven approach will be transformative as we continue expanding our investment banking & private markets practices,” said Larry Baum, founder and CEO of Bay Street Advisors. “His appointment reinforces our unwavering commitment to delivering top-tier advisory and search services to our clients while maintaining the highest standards of excellence.”
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Mr. Fernand has over 25 years of executive search and client advisory experience, having most recently served as managing director and head of global markets at Solomon Page Group for over 15 years, partnering with clients across major sell-side and buy-side firms. Throughout his career, he has developed a reputation for executing senior-level and C-suite searches across investment banking, private markets -private credit and private equity, distressed credit and special situations investing, fixed income, equity derivatives, and global markets. Mr. Fernand has led complex hiring initiatives, including team expansions, platform builds, and strategic market entries, making him a natural fit for Bay Street Advisors’ growth trajectory.
The appointment of Mr. Fernand marks a pivotal step as Bay Street Advisors expands its leadership presence in the private markets and investment banking sectors, positioning the firm for further growth in 2025. “Ed’s leadership, combined with our expanded team, ensures we are well-positioned to meet increasing client demand for specialized talent and strategic advisory services across the financial services landscape,” Mr. Baum said.
Mr. Fernand’s arrival follows the hiring of Rhona Crockett, who joined Bay Street Advisors in summer 2024 as a director and executive recruiter specializing in investment banking & private markets. “Rhona’s extensive experience and proven track record in the industry make her an invaluable addition to our team,” said Mr. Baum. Ms. Crockett has over 25 years of experience in financial services search and talent acquisition. Her has been marked by ability to originate and execute senior-level investment banking searches. Ms. Crockett’s primary focus areas include investment banking coverage, M&A, equity & debt capital markets, and leveraged & acquisition finance. “This strategic hire aligns with Bay Street Advisors’ ambitious growth and expansion plans, particularly in strengthening its foothold in key financial markets,” the search firm said.
Throughout her career, Ms. Crockett has led searches across all major banking industry groups, including technology, media, telecom, FIG & fintech, energy, consumer/retail, industrials, healthcare, financial sponsors, and leveraged finance. Her recent notable placements include positions such as head of corporate & investment banking, managing director global head of technology IB, COO of global investment banking, and managing director roles in cybersecurity, software, renewables, power, fintech, technology M&A, industrials business services, and consumer/retail.
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Additionally, George Hart joined as an associate in fall 2024, supporting executive search projects in investment banking and private credit, among other verticals. “Bringing in Ed, Rhona, and George reinforces our focus on thoughtful, strategic growth while staying true to our client-first values,” added Mr. Baum.
Serving the Financial Services Industry
Bay Street Advisors specializes in the financial services industry. The firm is an independent and privately-held partnership that is composed of seasoned professionals from the investment banking, asset management, executive search, financial technology and strategic consulting industries. The firm’s brand mission is to provide premium executive search services to a select group of clients which include global investment banks, financial advisory firms, private equity investors, hedge funds, and insurance companies, among others. Core to Bay Street Advisors’ mission is its research department dedicated to developing best in class market intelligence.
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Executive Search in 2024: Challenges, Trends, and Hopes for a Hiring Resurgence in 2025
For many search firms in almost all industry segments, 2024 has been a tough year. There are many reasons for the recent downturn, and some firms have experienced a dip in revenues for even longer, according to Tim Tolan, founder, chairman, and managing partner of The Tolan Group. “Lots of changes are on the horizon for 2025 on the hiring front, and search firms are waiting with bated breath while hiring decisions are on hold, and draft fee agreements are (still) sitting in DocuSign waiting to be signed,” he said. “Decisions are dragging, as are active search engagements, as hiring managers and leaders struggle to make hiring decisions in the environment, we are all trying to navigate.”
In the Hunt Scanlon 2024 Executive Recruiting State of the Industry Report, the numbers reflected a double-digit downturn in demand for executive recruiting, with the private equity sector being the most affected. “We’ve seen and experienced that firsthand, but we feel positive changes are on the horizon,” Mr. Tolan said.
Bay Street Advisors is led by Mr. Baum, managing partner and head of the firm’s capital markets practice. He founded the firm in 2009 after a nearly 20-year career in various trading and management positions with global investment banks. Most recently, he led global foreign exchange trading at Bank of America, overseeing a staff of more than 100 professionals across the globe. Leveraging his experience in establishing and leading global institutional platforms, Mr. Baum formed Bay Street Advisors to provide investment banks and alternative asset managers with comprehensive advice and additional resources to build their own world-class businesses. He began his career at Citibank.
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Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media