The chief aspiration of many a talented but jaded banker or asset manager before the onset of the credit crunch was to jump ship and join, or establish, a hedge fund boutique. Independent investment houses dispensed with the internal politics and bureaucracy of large competitors such as investment banks and diversified asset managers.

Instead, boutiques espoused rapid decision-making, a more collegiate atmosphere, and giving their managers the right to tell marketers to stop raising assets before size impaired performance. "You didn't have to put up with the rubbish you had where you were before," said one UK fund manager.