Leading figures in the financial sector are shunning Davos this year, as the World Economic Forum fights to compete with a growing number of rival conferences around the world.

Bank of England governor Andrew Bailey, Dame Anne Richards of Fidelity International, John Studzinski of Pimco and Hendrik du Toit of Ninety One have all opted out. Also giving the event a miss are private equity firms Clayton Dubilier & Rice and BC Partners. One firm whose chief executive has been a regular at the Swiss alpine resort said they had decided to stop going as a result of “conference fatigue”.