What's up at Liberum?

Liberum Capital isn't very old. Formed in September 2007, it's child of the financial crisis. But having hired throughout depths of the troubles, some of its staff now appear to be moving in the other direction.

The Telegraph reported "strange goings on" a few weeks ago, when two Liberum analysts left in short succession. An equities headhunter tells us of rumblings about equity dilution.

Liberum's COO, Tony Scawthorn, declines to comment on the departures, but points out they're still hiring: "We're following the ethos we've had from the start and are looking for good, high quality individuals."

The company currently employs 125 people and does indeed seem to be adding to them: it's recruited at least three people since the start of October and is rumoured to have brought in Peter Hide, a senior MD from Credit Suisse, as head of research.

"It's a good business," says one equities headhunter. "I get the impression that any departures were by mutual agreement."

However, another points out that boutiques are less appealing now that banks are paying again. "All of a sudden, a 100k base, a nominal cash bonus, and some equity isn't quite as attractive when your peers are earning 500k plus."