A trend we're seeing with our clients is the search for alpha leading them to move into alternative credit opportunities. The talent implications are clear - this is a newish area for a lot of firms and so we're having to source from major banks to transition them over to the buy side. Definitely far more achievable than a few years ago given the travails in the banking industry.
Institutional investment firms are encroaching on territory traditionally dominated by banks, expanding their presence in a key corner of Europe’s financing market. Mid-market leveraged loans, which typically include loans ranging from €20m to €300m to heavily indebted companies and private equity groups, play a major role in financing corporate activity and dealmaking across Europe. Banks have long been major providers of such loans, but are facing increased competition.