There is no surer indication of custodians' collective state of mind than the relative wealth of headhunters. When the latter gleam from expensive holidays and gourmet lunches, you can be sure that custodians are handing them some juicy mandates. When they look pale and hungry, custodians are going through lean times.

Right now, headhunters are positively glowing with health, wealth and happiness. Forget the run-of-the-mill, middle-ranking moves of relationship managers from one shop to another; a recent spate of senior management transfers has been in progress for nearly six months with no sign of any let-up. The movements could also be a useful barometer as to who is hot and who is not.