The asset management business is in a fragile state three years after the start of the credit crisis, which sparked losses, cost-cutting and widespread panic. Markets have recovered, profits across the industry have gone back to pre-crisis levels and some asset managers are reporting record flows. Investors are regaining confidence in their managers, although many of them are restricting their interest to bonds.

Despite good quarterly results this month, you cannot blame asset managers for being cautious. In May, market volatility led retail investors to pull money out of funds. Emerging markets are off their best.