When Anne Richards arrives to take charge of M&G Investments later this year, she will find the immediate challenges more than a little familiar. As with her current shop, Aberdeen Asset Management, stemming outflows and seeking diversification will be top of the agenda.

Both investment houses are currently paying the price for relying on fees for businesses that are out of fashion - for Aberdeen that has been an over-reliance on floundering emerging markets, and for M&G, a hefty exposure to bonds and value equities.