Europe's fund management industry is facing a wave of consolidation with three quarters of chief executives open to pursuing acquisition opportunities, according to a Financial News survey.

The snapshot poll of 33 chief executives of European fund management businesses managing €4.1 trillion ($4.9 trillion) in assets, carried out last month by Richard Davies Investor Relations on behalf of Financial News, revealed the majority were considering growth through acquisitions. More than half those surveyed said they were open to acquisition ideas, with 12% interested in acquisition opportunities and one chief executive actively pursuing a strategy of growth by acquisition.