So it wasn’t just marketing-speak when Greg Ehret, head of Europe at State Street Global Advisors, enthused about the strong team he brought on board last year after his company bought Bank of Ireland Asset Management.

Several of the ex-BIAM staffers are now in senior roles at SSgA's European operations - indicating that the larger company has put its money where its mouth is. And it shows that when a small fund manager gets bought by a larger rival, it isn't just about downsizing and efficiencies. Big opportunities can also open up for its people.