The model adopted in recent years by investment banks, of having as many fingers in as many pies as possible, is being imitated by the largest alternative asset companies. Firms such as Blackstone Group, Carlyle Group, Kohlberg Kravis Roberts, Cerberus Capital Management and Bain Capital are capitalising on the difficulties hitting the banks, and the prospect of them facing new regulation, and expanding into new areas.

Advisory work is one of the big growth areas. The importance of retaining a group of banks as advisers on buyout deals has diminished, as they have become less able or willing to provide the underwriting capacity which helped generate the buyout boom.