Asset management is facing challenging times. Earlier this month, Casey Quirk, the US consultant, said the industry was facing five years of slow growth in inflows, equivalent to 1% a year against 6% to 7% before the credit crisis.

It added that four-fifths of new revenues will come from individuals rather than institutions, suggesting distribution channels will need to be substantially re-engineered. Fund closures are set to accelerate, according to research carried out by data providers Cerulli Associates and The Platforum.