While much of the focus has been on the Asian private banking hiring spree (and the new-found appetite to recruit European candidates), the UK market has also been quietly booming.

In the last week alone, Deutsche Bank has unveiled six new hires for its UK wealth management business, Brewin Dolphin has lifted a seven-strong investment team from Adam & Co in Scotland and Union Bancaire Privee has said it plans to grow its European team.

Bank of America Merrill, Barclays Wealth, Citigroup, Credit Suisse and even UBS – which stemmed the exodus of private bankers and added 200 globally in Q3 – are also all hiring, according to recruiters.

“Most private banks in the UK are recruiting, and this is more about expansion than simply replacement hires,” says Rodney Byram, senior consultant who focuses on wealth management recruitment at Bridgeman International. “Investment advisers, client relationship managers and support staff are all in demand.”

The result is that salaries are beginning to rise, counter-offers are on the table again, and there’s even talk of guaranteed bonuses. Base salaries are up to 150-175k for senior private bankers, says Stephen Heal, CEO and founder of headhunters HB International.

“Most banks are hiring in the UK at the moment and there’s only a limited talent pool so there’s inflationary pressure on salaries,” he says. “Some banks have lost people because of reputational issues or management changes, while others have been rolling out new projects and are expanding. The result is a lot of movement, and a lot of counter-offers.”

This is potentially a ticking time bomb for an industry where costs are already spiralling. The average cost-income ratio now stands at 75% (up from 63% five years ago) while profitability continues to drop, according to a recent study by McKinsey.

And, despite the recent movement, some remain relatively cool on the UK wealth management recruitment market.

Karl Von Bezing, director at the Scorpio Partnership, says: “Much of the recent recruitment follows an extended period when hiring within UK wealth management was largely flat. Aside from the big growth strategies announced at places like Barclays Wealth, private banking recruitment here remains fairly muted.”

So, are there any particular areas of focus for private banks in the UK currently? Heal argues that most banks have an appetite to recruit people for their Indian sub-continent focused teams, UK based bankers targeting Middle East clients and UK onshore.

“Wealth managers are building their advisory teams and also focusing on ultra high net-worth clients,” adds, Dudley Edmonds, director of wealth management executive search firm Culliford Edmonds.