If to try to see a glass as half full rather than as half empty is part of the job description for most chief executives, it must be required in spades by many of those who lead asset management companies. Making positive noises is de rigueur for chief executives but, in the case of asset managers, it perhaps also has the useful side effect of having a positive impact on investment sentiment.

Chief executives Michael Dobson of Schroders and Alain Grisay of F&C Asset Management gave upbeat assessments of their businesses last week. However, the figures presented in their financial statements, and those of more than a dozen other asset management companies in the past two weeks, are open to differing interpretations. Pre-tax profits were sharply down in the first half of this year, compared with a year ago, by 96% at UBS Global Asset Management, 70% at Schroders, 27% at BNP Paribas' asset and wealth management arm, and 15% at Credit Suisse. F&C made a loss.