Banks with asset management arms are certainly giving them love. But don't expect many of them to spend large sums to acquire greater scale in the sector.

It's true enough that the banks that sold off asset management units after the crash had terrible timing - they missed out on a golden era in which asset managers posted operating profit margins ranging up 50%. But rising costs and regulatory pressure mean that those that want to make acquisitions may be daunted. Even those that have already made acquisitions are admitting to challenges.