It was a mixed year for the class. Bearing in mind the potential the vast majority of asset management firms possess, it has been disappointing to see a number of successes outweighed by several examples of poor work.

• Performance: B
The industry has managed to concentrate and work through a number of situations, such as fears over a potential Grexit, the Chinese stock market crash and persistent emerging market volatility. A focus on creative thinking has continued to bear fruit, as the success of the likes of smart-beta products, infrastructure investing and multi-asset credit funds has continued during the year.