TMT bankers back in fashion

A recent report on the website www.mergermarket.com suggests times are looking up for telecoms, media and technology (TMT) bankers.

The report says consolidation is on the cards in the TMT sector, both as voice and data services converge, and as the growing popularity of broadband services reshapes the telecoms and media industries.

ITV, the listed UK TV broadcaster, is cited as a top takeover target this year, and NTL, the cable operator currently embroiled in takeover talks with Virgin Mobile, is forecast to go in search of a production house or football premiership rights in order to build content.

Headhunters say TMT hiring is picking up accordingly. Isabel Martin, head of European financial services recruitment at search firm Korn/Ferry International, says banks are eager to recruit TMT specialists. "There is definitely more demand now than for the past few years," she says. "But there has been underinvestment in this space and there is a limited pool of people."

TMT bankers who left the industry during the 2001 downturn are now being lured back, says Martin.