Special sits receive a boost from M&A

Recruiters say the upturn in M&A activity is creating demand for staff to work on banks' special situations desks.

Special situations teams advise clients on how to invest money in order to maximise returns from particular situations, such as credit downgrades, bankruptcy and M&A.

Merrill Lynch is the latest to bulk up in the area. Last week it emerged that the bank hired five special situations specialists from JPMorgan, led by William Forrester.

David Korn, European managing director at Options Group, says two other US banks are looking to hire and that others may follow in their footsteps: "There's a lot of activity in this area at the moment. With M&A so rampant, it's a natural business line for banks to recruit into. Merrill Lynch have demonstrated their commitment to the business with these hires as they continue to strengthen their equity distribution platform."