Two TSE-listed bilingual generalists at structurally different points
JAC Recruitment and RGF are both bilingual generalist Japan recruiters with TSE-listed parents — but their structural positioning could not be more divergent at the moment of this writing.
JAC Recruitment Co., Ltd. is listed in its own name on TSE Prime (2124) since the 2006 IPO. Japan has been group HQ since that listing, and the firm operates 36 offices across 12 countries with approximately 1,700 consultants group-wide. The 2025 cycle marked the firm's 50th anniversary (founded 1975 in London) with an ISS QualityScore of 1 (top decile globally on governance) and inclusion in the FTSE Blossom Japan Sector Relative Index.
RGF — formally RGF Professional Recruitment Japan and RGF Executive Search Japan — operated as a Recruit Holdings subsidiary from foundation (1998) until 1 April 2026, when Fullcast Holdings (TSE: 4848) completed acquisition. The transition is recent enough that the firm's listing notes "active transition tracking — page may update more frequently". RGF Japan reports approximately 131 employees as of early 2026 (including ~21 HR and 7 Finance), a much smaller scale than JAC group-wide.
This is a comparison made during a corporate transition — readers should weight the dimensions accordingly.
Business model comparison
Both firms run contingency-led models with retained executive search capability layered on top. The structural shape differs.
JAC Recruitment runs a 360 desk model as the standard operating pattern across its specialist teams. JAC Executive is the retained executive search arm; CareerCross (the English-language job board acquired by JAC Group in 2020) provides ancillary candidate-acquisition channel. The group reports 250+ specialised teams. JAC's structural emphasis is on Japanese-domiciled corporate depth — the firm has identifiable reach into Japan Tier-1 and Tier-2 manufacturer, automotive supplier, supply-chain, industrial, and conglomerate clients that historically engaged Japanese-language recruiters but increasingly hire bilingual professionals for international roles.
RGF operates a tri-brand structure: RGF Professional Recruitment for mid-management bilingual placement across multiple verticals (contingency); RGF Executive Search Japan for senior-level retained search (Senior Director Benjamin Cordier leads the Tech & X-Tech practice); and RGF HR Agent for Japanese-speaking domestic placement. RGF Executive Search Japan was previously recognised at the Recruitment International "Executive Search Company of the Year" awards. The retained-arm-as-separate-brand structure is similar to PageGroup's Page Executive shape.
For a multi-line engagement (mid-management + senior retained + Japanese-domestic), RGF's tri-brand structure is a single-vendor option. JAC's parallel offering uses JAC Executive on the retained side and the broader contingency desk on mid-management.
Vertical coverage comparison
JAC carries 11 live verticals — the broadest tag set in the directory — including the two specialist segments (energy & renewables, real estate & construction) where many bilingual-capable competitors do not maintain tagged desks. RGF tags 9 verticals: BF, tech, life sciences, legal & compliance, HR, supply chain, industrial, consumer, sales & marketing.
The structural overlap in nine shared verticals is substantial. Both firms have identifiable practice depth across banking & financial services, technology (RGF Executive Search has a Tech & X-Tech practice led by Senior Director Benjamin Cordier; JAC has cross-vertical tech specialisation), life sciences (RGF's healthcare & life sciences practice is led by Senior Director Eriko Tsukamoto; JAC has cross-vertical life sciences specialisation), legal & compliance, HR, supply chain, industrial, consumer, and sales & marketing.
The two specialist verticals (energy, real estate) are exclusive to JAC inside this comparison. For these segments, the bilingual-capable competitive set runs to JAC plus specialist firms (Brunel and SThree group brand Progressive for energy; small specialist boutiques for real estate).
Geographic and operational footprint
JAC operates a Tokyo HQ at the Jimbocho Mitsui Building plus multiple regional Japan offices (the regional network is part of the firm's Japanese-domiciled corporate depth). RGF operates from Toranomon (Tokyo) plus an Osaka satellite — a much more concentrated Japan footprint.
On parent-firm disclosure depth:
- JAC Recruitment Co., Ltd. publishes group-level quarterly disclosure as a TSE Prime-listed standalone entity. FY2025 TTM revenue was approximately US$308M as of 31 December 2025 (announced January 2026). The firm's quarterly cadence is granular at the segment level.
- RGF is now consolidated inside Fullcast Holdings (TSE: 4848) as of 1 April 2026. Recruit Holdings' January 2026 announcement of the ¥1.2bn share transfer of RIR (RGF International Recruitment) plus RGF Talent Solutions Japan to Fullcast cited "AI/ML strategic refocus on Japan domestic placement" as the divestiture rationale. Fullcast Holdings reported FY2025 revenue of ¥77.22bn (+12.6% YoY) on 13 February 2026, with FY2026 forecast of ¥104.7bn (+35.6%) including the RIR acquisition contribution.
The structural takeaway: JAC's disclosure is established and granular at the standalone level. RGF's disclosure is currently rolled into Fullcast Holdings and the post-acquisition reporting cadence is still establishing.
Candidate pool and employer overlap
JAC's structural strength is Japanese-domiciled corporate depth; RGF's structural strength under Recruit Holdings was a balanced book across foreign-capital and Japanese-domiciled with a particular emphasis on tech and X-Tech mid-senior. Both firms place into:
- Foreign-capital tech operations and life sciences subsidiaries
- Foreign-capital banking & financial services
- Japanese-domiciled large-caps building bilingual functions
- PE-backed portfolio companies
Where JAC's depth differentiates is in second-tier Japanese manufacturer and industrial client segments. Where RGF's positioning differentiates is in the X-Technology and digital transformation segment; Senior Director Benjamin Cordier's Tech & X-Tech practice leadership is the named anchor.
For a candidate with a Japanese-domiciled industrial profile, JAC's pipeline depth is identifiable. For a candidate with a foreign-capital tech or X-Tech profile, RGF's positioning has been historically strong; whether that positioning holds through the Fullcast transition is currently being established.
Fee positioning
Both firms operate within the directory's reported market bands. In banking & financial services, both sit at 25% of first-year total compensation. In other verticals, both sit at 30–35%.
Retained engagements at JAC Executive and RGF Executive Search Japan operate on the standard three-instalment retained billing structure at roughly 33% of expected first-year compensation. Discount fees under MSA terms run roughly 20–22% in BF and 25–28% in other verticals. Banded only — neither firm publishes account-level fee terms.
Internal segmentation — what each firm covers within shared verticals
The nine shared live verticals are best understood at the sub-desk level rather than the vertical-tag level. JAC's 250+ specialised teams are sliced finely — within "Industrial / Manufacturing", JAC commonly fields separate teams for automotive Tier-1 suppliers, electronics components, chemicals, machinery, and energy-adjacent industrial. Within "Banking & Financial Services", JAC fields teams for foreign-capital banks, Japanese-domiciled banks, asset management, insurance, and capital markets. The team-by-team specialisation is a structural feature of the 360-desk operating pattern.
RGF's vertical depth is anchored at the Senior Director level inside the retained arm: Ken Shimabuku for Financial & Professional Services, Eriko Tsukamoto for Healthcare & Life Sciences, Benjamin Cordier for Tech & X-Tech, plus Director Cyrus Beladi for X-Technology and Director Nawaz Shaikh for Market Intelligence. The contingency-side RGF Professional Recruitment runs adjacent desk teams. The structural difference is that RGF's senior-director leadership is publicly named and identifiable; JAC's specialised-team structure is broader but team-level leadership is less publicly indexed.
For an employer choosing between them on a senior retained mandate in tech, life sciences, or financial services, RGF's named practice leadership is the directly identifiable consultant pool. For a Japanese-domiciled industrial mandate or a multi-vertical employer engagement, JAC's broader specialised-team count is the directly identifiable coverage signal.
Candidate experience — what reviewer commentary suggests
Anonymous reviewer commentary on both firms surfaces structurally different patterns. JAC Recruitment reviewers consistently identify work intensity (激務) as the most-cited concern but reference meaningfully longer tenure than at British contingency firms; the firm's reviewer commentary references the 多様な働き方 (diverse working styles) supports as moderately well-rated, the depth of reach into Japanese-domiciled clients as a structural feature, and weekend responsiveness expectations as a recurring concern. RGF reviewer commentary in the ~3.4/5 aggregate range references the established consultant network and existing client relationships as positive themes; the most-cited concern at present is uncertainty regarding post-acquisition strategic continuity. Both firms operate inside structures with public quarterly disclosure cadence; both are subject to the standard reviewer-platform caveats (anonymous reviewer identity, no platform verification, treat as sentiment rather than fact).
For a recruiter weighing the two firms as places to interview at, the structural choice is between a steady-state listed firm with multi-decade founder-aligned governance (JAC) and a firm in active integration with a new parent where strategic continuity and operating-model evolution are still being established (RGF).
Recent disclosures (2025–2026)
JAC Recruitment
- 2025: 50th anniversary of JAC Group founding (1975 London).
- 2025: ISS QualityScore of 1 — top decile globally on governance metrics.
- 2025: Inclusion in the FTSE Blossom Japan Sector Relative Index.
- January 2026: FY2025 results announced. TTM revenue approximately US$308M as of 31 December 2025.
RGF
- 22 January 2026: Recruit Holdings announced the ¥1.2bn share transfer of RIR + RGF Talent Solutions Japan to Fullcast Holdings, citing AI/ML strategic refocus on Japan domestic placement.
- 13 February 2026: Fullcast Holdings reported FY2025 revenue of ¥77.22bn (+12.6% YoY); forecast FY2026 revenue ¥104.7bn (+35.6%) including the RIR acquisition.
- 1 April 2026: Acquisition by Fullcast Holdings completes; RGF International Recruitment Holdings becomes a Fullcast subsidiary.
The structural takeaway: JAC's recent narrative is governance recognition and group revenue scaling. RGF's recent narrative is a parent transition that is still being absorbed.
When each tends to fit (structurally appropriate)
This is decision framing, not a recommendation. Both firms are credible bilingual generalists.
JAC Recruitment is structurally fit for Japanese-domiciled corporate mandates (Tier-1 and Tier-2 manufacturer, automotive supplier, supply-chain, industrial); for engagements that benefit from JAC Executive retained capability inside the same group; for mandates in the two specialist verticals (energy, real estate) that JAC tags but RGF does not; and for candidates whose role specification is in Japanese-domiciled corporate hiring or those specialist segments.
RGF is structurally fit for mandates where the tri-brand structure (Professional Recruitment + Executive Search + HR Agent for Japanese-speaking) maps to the engagement's mid-senior + senior + Japanese-domestic mix; for X-Technology and digital-transformation tech mandates where the Tech & X-Tech practice's positioning under Senior Director Benjamin Cordier is the named anchor; and for engagements where the post-Fullcast strategic refocus toward AI/ML is itself a relevant sourcing capability.
Readers evaluating RGF specifically should weight the active transition status — the firm's strategic continuity, consultant retention, and account-level service patterns may evolve through 2026 as the Fullcast integration progresses.