European asset managers are doing much better than they were a year ago, according to their most recent results. But some are also beating their figures from 2008, suggesting that the sector is close to overcoming the impact of the financial crisis.

It is of little surprise that asset managers are reporting improved profits compared with 12 months ago. The post-Lehman Brothers market crash in late 2008 fed through into early 2009, and markets only started to recover in March, leaving asset managers floundering in the first quarter last year, slashing jobs and costs in an effort to maintain profitability.