Britain's leading business schools yesterday moved to cash in on the huge salaries commanded by their high-flying alumni, with an internet recruitment site.
Led by the London Business School, 15 institutions that offer the MBA degree launched Global Workplace.com. Cranfield, Manchester and Oxford University's SaÃ¯d Business School joined London in setting up the service, along with leading institutions from New Zealand, Continental Europe, Singapore, the US and Japan.
Global Workplace will offer a cheaper alternative to traditional recruitment consultants, which typically charge a fee of 17-30 per cent of the annual salary offered.
The internet service, minority held by London Business School's incubator fund, will charge a nine per cent fee, with part of that income going to the alumni's old school.
The balance of the equity is held by a range of private investors.