Traditional asset managers have enjoyed a bounce, but that is thanks to markets rather than their popularity with customers.

According to McKinsey & Co, net inflows last year made up a paltry 0.02% of asset growth globally. Take Europe. Mutual-fund sales of €85.5bn year to date are a third below last year's levels, while new money flowing into hedge funds this year is at its highest level since 2007, according to Hedge Fund Research.