One Scottish investment group in bullish expansion mode this year is boutique firm Noble. It has poached two Merrill Lynch directors just weeks after expanding its research team.

Noble has managed to lure Laura Mould and Paul Beumont, who were previously directors of Merrill Lynch’s small and mid-cap business. The swoop for Mould seems especially impressive considering she joined Merrill as an intern in 1999 and worked her way up the career ladder.

Noble employs around 100 people in Edinburgh and London, and has been exhibiting all the signs of an organisation still thriving in spite of the credit crunch.

On 25 May it acquired independent research house Clear Capital. The move, rather obviously, was aimed at boosting its research capabilities and the deal added 30 analysts to the Noble team.

Nick Paulson-Ellis, Noble's head of equities, says: “It’s a very exciting time at Noble as we integrate the Clear Capital business and make selective hires to strengthen and grow the combined team.”

It shouldn’t come as too much of a shock that Noble is bolstering its teams. The current market conditions that have hit the bulge-bracket banks have been kind to boutique investment banks, which are winning high-profile mandates over larger rivals.

Many are increasing their headcount by more than 15%, according to a Financial Times survey.

“For many smaller, independent investment banks, the chance to add talent that this clear-out has freed up is too good to pass up,” said Philip Secrett, international head of capital markets at Grant Thornton. “Boutique investment banks are largely taking a medium-term view, aiming to secure a core of senior talent that will allow these institutions to flourish on the economic upswing.”