These are heady times for Eurobond traders, caught in a spiral of salary increases sparked by the latest firms to make an assault on the market. But the age-old nostrum of the bond markets, buyer beware, could equally apply to banks on a recruitment spree.
The recruitment merry-go-round for Eurobond traders appears to have spun out of control. Simon Fry, Stefan Ludwig and John Carroll set a new benchmark for Eurobond traders' salaries in November 1994 when they moved from CS First Boston to Nomura for a reputed total of $20 million over three years. Since then the market hasn't looked back.
"Eurobond traders are enjoying a mini Big Bang," says one trader at a Japanese firm. The beginning of the year usually heralds a lull in movements as traders await their bonuses. But the Rose Partnership, a recruitment consultant, had its most profitable quarter ever at the beginning of 1996, largely on the back of the hiring frenzy for Eurobond traders.
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Edson Mitchell's arrival at Deutsche Morgan Grenfell from Merrill as head of global fixed income presaged an exodus from the US house to DMG.