Job vacancies in the City rose 8% year on year in February, driven by growth in the asset management sector, according to a survey by recruitment firm Morgan McKinley.

The survey showed that changing jobs can be a profitable move in financial services, with those switching firms getting an average pay rise of 24% in February. That is up from a 19% salary boost for job switchers in 2015, with the fund management industry paying among the biggest increases.