Nigel Wightman, managing director of State Street Global Advisors, chose budget airline Ryanair for a recent business flight from London to Dublin. He is not alone among senior asset managers in travelling as cheaply as possible to keep a lid on expenses.

Wightman said: "A few years ago there was a sense that the fund management business was very high growth, so it was OK to manage budgets based on significant increases in revenues." The present situation is different, with costs constantly under scrutiny.