The recruitment market throughout the summer remained relatively buoyant, against a backdrop of economic uncertainty. Clients were still actively recruiting across the front office space with a continued emphasis across FICC and Electronic Trading. Fund performance has remained relatively strong, however, we are seeing an uptick in the number of redemptions from some Funds / Clients.

Due to the market turmoil, some funds have deleveraged and are now longer holders of cash as the main asset.

As we leave Q3 and enter Q4 there has been a significant change, which has undoubtedly affected markets and in many instances created greater uncertainty. With a new PM, Cabinet, Inflation continues to rise along with rises in Interest rates. Recent tax reforms have necessitated the intervention of the Bank of England buying back £bn of UK Gilts to soften and placate the market and protect pension funds, short term this seems to have worked.

Clients with a year-end of December will spend the majority of the next ¼ formulating hiring plans for Q1. We are working and consulting with clients as we start to turn our attention to the 2023 hiring.

The backdrop in the markets will undoubtedly create greater investor uncertainty, as in all cases there will always be winners and losers.