For the benefit of those in the asset management industry who feel overwhelmed by the regulatory climate, it looks as if we may have reached “peak regulation”. It may not feel that way, but the good news is that it’s not getting any worse.

Regulatory scrutiny can certainly feel extreme - a large US investment firm recently showed me a list of 22 tests associated with the management of "model risk" for its regulators. Those regulators have challenged asset managers to stay ahead of other parts of the finance industry - and we have responded by embracing the spirit of risk regulation and providing extensive modelling of market and liquidity risk to the firm level.