Evidence from the third annual asset management CEO Snapshot suggests the industry is at or near the peak of its cycle. Chief executives are happy to increase spending on product launches, geographical expansion and sales and marketing in the belief that a prolonged equity market downturn is unlikely in the next two years.

Peter Harrison, chief executive of MPC Investors, a hedge fund firm with $1.4bn (€1bn) in assets, said: "My sense is there's a huge amount of complacency around. We are four years into a global upswing and 84% of chief executives not expecting a downturn in the next two years seems far too sanguine."