Funds start hiring again

Headhunters say Insight Investment, owned by banking firm HBOS, is leading the charge, with plans to hire 90 staff as rationalisation after its purchase of Rothschild Asset Management comes to an end.

Douglas Ferrans, chief executive, said the recruitment drive will underpin his plan to make Insight one of the UK's top fund providers.

He expects to hire 60 staff, including 10 fund managers and support staff.

RBC Asset Management, owned by Royal Bank of Canada, is looking for several staff to improve its marketing.

Legal & General is continuing to boost its active equity team. M&G, owned by Prudential of the UK, has just hired three researchers and wants to take on an insurance analyst. It has also just poached bond manager Richard Woolnough from Old Mutual Asset Management, which is also hiring.

Peter Chambers, who recently arrived at Framlington as chief executive from Gartmore, said he wanted to make more hires following his recruitment of Nick Hodgson, who used to work for Rothschild Asset Management, but elected not to join Insight.

A hiring freeze at Deutsche Asset Management is understood to have come to an end although the group, in common with most others, intends to take a cautious approach to hiring staff.

Allianz Dresdner Asset Management is also more ready to hire staff, where they are needed.

Lombard Odier Darier Hentsch, which recently dramatically downsized its equity operations, is looking to reinforce its strength in fixed income by recruiting two duration specialists.

Merrill Lynch Investment Managers is hiring, following recent departures.

Scottish Widows Investment Partners is committed to rebuilding its team, following the departure of Sandy Nairn and several members of his equity team.

One headhunter said: "There's been a turnaround in the market as firms rebuild. They are more ready to fill vacant positions than leave them open."

A second said: "I'd say there are more hires than fires these days. Rationalisation is on the back burner, although the industry still needs to restructure itself to reduce costs."