Searches for UK managers have risen again in the first three quarters of 2009 compared to those in 2008, with investors looking for opportunities that may have arisen from the credit crisis, says Mercer.

The financial consultant said that across the rest of Europe, manager search levels had remained largely the same as 2008.

The first three quarters of 2009 saw Mercer advise on 161 searches, compared to 151 over the same period in 2008. Assets placed increased from US$26.1bn during the whole of 2008 compared to US$37.2bn in the first three quarters of 2009.

Alternative asset classes lost out, however, with a decline in search activity from 35 to 21. However, searches in real estate almost doubled, from seven in 2008 to 12 in the first three quarters of 2009, and buy/hold credit and convertibles accounted for 40 searched.

Andy Barber, global head of Mercer's manager research team, told delegates at Mercer's European Investment Forum in Paris: "After a period where investors focused on strategic issues rather than detailed asset class searches, we are seeing a return to pre-credit crunch activity levels. Following our recommendations to clients earlier in the year there has been considerable search activity in buy/hold credit and buy/hold convertibles.

"We have also seen a continuing decline in search activity in domestic equities as investors continue their move to increase the global component of their equity exposure," Barber added.

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