Last week, the London Stock Exchange entered exclusive talks to buy Russell Investments, the Seattle-based stock index and asset management business. Most people assume that Xavier Rolet, the LSE’s chief executive, wants to get his hands on Russell’s US indices and will, if the deal goes through, flip the asset manager on to another buyer. That would certainly be the most logical outcome.

But in his five years as head of the LSE, the Frenchman has established a record of diversification. Is it possible that he might want a crack at the asset management game too? And, if so, what does that tell us about the changing face of the global financial industry?