Fund managers are enjoying the experience of being grilled by former rivals now working as investment consultants.

In the past three months the UK's three largest consultants have persuaded a number of fund managers to join them: Watson Wyatt has added Pictet's Matthew Tee, Phillips & Drew's Gary Dowsett and Robeco's Peter Eerdmans William M Mercer has recruited Morley's Diane Miller, and Bacon & Woodrow has hired Rupert Hall from JP Morgan Chase.