Deutsche Bank's strategy announcement yesterday, which confirmed it has abandoned the sale of its asset-management arm and now sees it as an "integral" part of its business, comes with a catch; a planned €700m of cost-cuts in the next three years. And there have been plenty of other reminders in the past few days that lean years are ahead across much of the investment industry.

Deutsche's management board co-chairs, Anshu Jain and Jürgen Fitschen, set out a plan yesterday to create a €1 trillion fund-management division in the next three years, transferring passive funds, ETFs, and certain alternative funds into its Asset and Wealth Management division.