Headhunters being headhunted

One indication of the buoyancy of the financial services hiring market, is that recruitment firms and headhunters are themselves hiring.

Yesterday it emerged that The Rose Partnership, a financial services specialist executive search firm, is planning to grow staff numbers by 40%, with 12 to 15 new hires in the next two years. Calvert Percival, another city-focused search firm is also hiring, as are Hanover Search and Selection and Mayfair-based Incarter International.

David Magowan, managing partner of Kelter Consulting, a search firm that finds staff for other search firms, says financial services recruiters have seen a definite uptick in hiring. "There was a hiatus following the significant downsizing that took place in 2002, and there's now a fair degree of confidence that the market can support a bigger search community - particularly in debt capital markets and equities," he says.

Magowan adds that demand for staff is helping to drive up pay for junior to mid ranking search specialists: "A junior associate can now expect between 40k-60k, plus a bonus. A senior associate can expect 55k to 80k, plus a bonus."