Osman Semerci, the chief executive of alternative asset manager Duet Group, was among the first batch of FN Rising Stars in 2005, when he was quickly working his way up the ranks at Merrill Lynch – before the full force of the financial crisis was brought to bear on the firm and, in particular, his division.

The Turkish-born financier was the top-ranked capital markets banker in Financial News's first list of rising stars in 2005 and appeared again in 2006, shortly after he was elevated to the newly-created post of global head of fixed income, commodities and currencies, and co-president of global markets and investment banking for Europe, the Middle East and Africa at Merrill Lynch.