Given the problems stacking up for asset management, few would be entirely surprised if Schroders chief executive Michael Dobson, aged 63, were to confirm gossip that he will retire next month.

Peter Harrison, head of investment at the UK asset manager, is surely ready for the challenge after cooling his heels as heir apparent for nearly three years. Back in February 2013, Harrison told Financial News: "If a vacancy did become available in the future, would I want my hat in the ring? Absolutely."