To give a snapshot of the current market, reflected through recent discussions here at Laz Partners across the buy-side and sell-side (with candidates and clients alike), the following points appear to be recurring themes and are no doubt going to set the tone for the first phase of hiring activity for this year.
• ??????? ???????: There is continued growth across Europe, but with far more discipline. Hiring is increasingly skill-set driven, with emphasis on breadth of experience, such as multi-sector coverage, exposure to both public and private markets, and growing value placed on insurance and regulatory knowledge. Competition is tighter, and roles are being defined more precisely despite continued volume.
• ?????????-?????? & ??????????? ????????: Clear momentum here. A combination of sufficient balance-sheet capital to deploy, long-dated liabilities and also a push for yield, has resulted in steady and sustained hiring across credit and structuring teams.
• ????-????: Largely replacement-led, with a specific demand for mid-level talent given a noticeable talent gap within some teams, which has resulted in disproportionate value being placed on experienced and junior desk analysts.
• ????????? ?? ???????? ????????: Some larger asset managers are evolving towards desk or pod-style research models that more closely emulate the breadth/flexibility associated with a typical trading desk analyst set-up. This reflects a balance between broader, more agile coverage and deeper sector specialisation. Established sector specialists, covering for example financials and real estate, remain largely unchanged, while insurers and larger managers continue to operate within more structured research frameworks. Hiring growth is limited, with most movement linked to changes in research structure rather than performance-related exits.
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