Edmond Warner, chief executive of Old Mutual Financial Services, is expected to return to investment banking or asset management once he leaves the South African group next March.

It is understood Warner does not have a job lined up yet. However, he said the turmoil in the investment banking industry as a result of the Eliot Spitzer assault on research independence would present opportunities. "The pecking order for investment banks over the coming years is likely to change. There is a lot of restructuring to be done in the industry, with all to play for. I am keen to look for opportunities in that area," he said.