The hiring spree in fixed income shows no sign of abating despite a slowdown in the bond market as fears grow of interest rate rises. High demand for bonds has forced asset management groups to beef up their teams, many of which were neglected during the equity bull market. The demand for talent has chased salaries higher and started a round of musical chairs.

Stephen Lee, a fixed-income director at UBS Global Asset Management, is the latest bond specialist to change jobs. He is joining Morley Fund Management, partµ of UK insurer Aviva, as a credit fund manager. Morley has made several bond hires, including Upkar Kambo, also from UBS Global Asset Management, as a fixed-income quantitative analyst. Caroline Brown has joined from Credit Suisse Asset Management as head of credit analysis.