With global equity markets up about 20% in the past 12 months, despite recent pullbacks, and credit markets still buoyant, there is a sense that the worst of the downturn in the financial world may now be over. Recruiters think so, with growing anecdotal evidence suggesting that the job market in some segments of asset management is beginning to thaw.

For those mainstream firms that have made it through the tough years with reputations intact, now is a time for expansion. Hendrik du Toit, chief executive of Investec Asset Management, which reported an 18th straight quarter of net inflows last month, said: "We are taking on more staff, in line with our growth and general talent requirements."