Russell Reynolds headhunter joins Miles Partnership

He will cover insurance and consumer financial services.

The existing partners at The Miles Partnership are Miles Broadbent, Guy Beresford and Chris Stainton. Only 5% of the search firm's work last year was in financial services, and most of its work is at the top end of business, according to research by the Economist Intelligence Unit (EIU).

Lazarus' departure from global firm Russell Reynolds is one of several in recent months and mirrors the situation at other big brand headhunters. A source close to Russell Reynolds said: "There is panic at the big (search) firms. Revenues are down 40% or more, and the cost base is hardly altered. Anyone who is seen as potentially expendable has to go."

Russell Reynolds has been hit hard, as financial services and technology are its largest practices. However, a financial services headhunter at the firm said: "As a firm we are still very well placed. Our conservative CEO got it right. We didn't go public and did not spend too much on the internet, unlike the competition."