Surging demand for ETFs and new entrants piling into the market have created a tussle for top talent among some of Europe’s biggest asset managers.

“There’s definitely a war for talent,” said Mike O’Riordan, founding partner at ETF consultancy Blackwater. “There’s only so much supply out there and there’s a lot of demand, especially as more mutual fund managers pivot to ETFs. It’s having an impact on compensation.”