Commodities specialists are in demand

One of the few signs of significant activity in financial recruitment is in commodities, where firms are now both expanding and upgrading their staff, according to the latest monthly market outlook report by search firm Alexander Mann Global Markets (AMGM) in London.

Despite lingering &quotEnron clouds,&quot activity picked up considerably in February and has continued.

Overall however, the market remains very depressed, the survey said. Operations is suffering from an acute focus on cost, though operational risk, client services, OTC derivatives and operations control were releasing some &quotinteresting but difficult&quot mandates.

Candidates in several sectors who are eager to move are being encouraged by the headhunter to &quotsit tight&quot in the absence of specific jobs to apply to.

Searches for Money Laundering Reporting Officers (MLROs) are on the increase, as this position will soon be a statutory, stand-alone requirement at all institutions.

But at senior levels in compliance the market remains unpredictable and there has been limited movement among junior to mid-level candidates.

Fixed-income and credit is quiet, while recruitment in asset management is difficult. The market within credit and market risk remains tight. Credit is the busier area here with demand for specialist skills such as insurance and structured finance, almost entirely from European houses.

Equities is described as a &quotslow and slightly exasperating&quot market, with little sign of revival. Hires tend to have to go through several management levels above the hiring manager, said AMGM.

Equity derivatives remain buoyant however, with equal demand from both clients and candidates.