Deutsche Bank has suffered further defections from its Russian investment banking business as the race to recruit has switched focus to up-and-coming talent.

Anton Inshutin and Alexey Makhnyov have left Deutsche for Morgan Stanley, which is building its sector coverage. Inshutin has been appointed as a director in charge of the bank's technology, media and telecoms team, while Makhnyov has joined as a vice-president and head of consumer and retail.