Investindustrial has hired a senior partner from a rival Italian firm, in an example of what appears to be a growing trend of private equity executives moving to rivals while market conditions remain difficult.

Simon Hamilton, an adviser at Investec Private Equity Partner and Fund Finance, said that firms need to find ways to keep executives content, as they may not expect profits (known as carried interest) that they would receive - under normal market conditions - from the fund they are managing.