It is the dream of many a youngish portfolio manager or analyst toiling in the depths of London’s big institutions: one day, I’ll strike out on my own and found a hedge fund.

The mythology of the contrarian genius, taking on the market alone and making bumper returns for investors - as well as pocketing fat fees - is powerful. But if this is your dream, Euan Munro, chief executive of Aviva Investors, probably doesn't want to hear about it.