Next year will see banking and finance recruiter Huxley Associates significantly extend its global reach in the wake of what company founder Gary Elden has called “the toughest market in 20 years”.

Speaking exclusively to Recruiter, Elden, who is also multi-brand recruitment firm SThree’s global development officer, revealed that new Huxley offices were set to open in Sao Paolo, Brazil, and Moscow, as well as in Luxembourg, Shanghai and Zurich. On the horizon is an office in the Middle East kingdom of Qatar, where Huxley has a major client.

“We appreciate it’s a tough market, and we’re still very cautious about the market, but there are good opportunities to seek steady growth,” Elden said.

He described the UK market as “saturated, with vast competition”, and he believes that the opportunities available in emerging markets such as the BRIC countries [Brazil, Russia, India, China] are considerable but with their own challenges. For instance, bigger players exert a heavier presence in those markets. “But we can hold our own” in both business climates, he said.

Germany also offers “massive opportunity”, he added.

Huxley launched in India earlier this year, a move that has found the 15-year-old company in one of its most challenging markets. Part of the Huxley strategy for India has been to capitalise on expatriate Indian candidates’ interest in returning home after working abroad. But while candidates are keen to apply their international credits on the home front, their salary expectations outpace what clients are prepared to offer.

“Candidates are asking themselves, ’Can I afford to go back?’ It’s a tough one,” Elden admitted.

While Huxley experienced tough times during the depths of recession, Elden said the firm had continued to invest in training and incentives throughout, and had adapted and adjusted to market conditions. “The people that stayed will be the future of the business, and they will fly [in terms of productivity] when the market is better,” he said. “This has been the toughest market I’ve experienced in 20 years.”