Former Banker and Global Search Veteran Opens New Financial Services Boutique.

Business Editors

LITCHFIELD, Conn.--(BUSINESS WIRE)--March 25, 2002

Today, David W. Patenge (55), a former Morgan Stanley fixed income salesman and investment banker in London and veteran executive recruiter in New York, announced the formation of BARKSTON GROUP, LLC, a retained search boutique and consulting firm. Where many medium and large generalist search firms are transactional and volume driven, newly formed BARKSTON's mission is to establish long-term partnerships with a limited number of financial services firms. This strategy enables BARKSTON to develop a deeper understanding of client firm's strategic objectives and corporate culture. It also facilitates the application of BARKSTON's expertise as a trusted advisor to help clients identify, recruit, motivate and retain exceptional front to back office talent. Mr. Patenge brings twenty-five years of experience in banking and executive search to this new venture.

Founder, Managing Director and Chief Executive Officer, David Patenge says, "The securities industry is built on trust and integrity. In an era of revolving door professionals, the key to long-term success is to develop deep and meaningful relationships with clients and candidates. Turnover costs money and organizational stress and leads to sub optimal results. An employee who is a poor fit can be disruptive to an organization's efficiency and success."

BARKSTON's strategy of working with a select list of clients reduces conflicts of interest with other financial services firms and internal competition for candidates. A combination of this client-focused approach and deep global market and industry knowledge facilitates rapid delivery of appropriate candidates to clients and contributes to the long-term success of their firms. BARKSTON will provide financial service clients with human capital solutions in the U.S., UK. and Asia.

Mr. Patenge is a graduate of Michigan State University. He also holds a M.A. from the University of Michigan and an M.B.A. from the American Graduate School of International Management ("Thunderbird"). Mr. Patenge began his business career as a commercial banker covering Egypt, the Magreb, sub-Saharan Africa, Cyprus, Greece and Turkey from bases in London and Paris. Subsequently, he spent ten years with Morgan Stanley in London and helped build their fixed income distribution businesses in continental Europe. Mr. Patenge started his search career in New York with Handy HRM Corporation, a subsidiary of Compagnie Generale des Eaux, and co-founded the Financial Services practice at Horton International (now Leaders Trust International). Mr. Patenge has originated and executed senior level searches in the U.S., UK. and Japan. He, and his wife Madeline and sons Robert and Luther live in Litchfield, Connecticut.