Edhec, the French business school, plans to launch an international study of how the investment industry can learn the lessons of the credit crunch after a previous report found that investors and asset managers were ill-prepared for a crisis of such scale.

Noël Amenc, professor of finance, said the crisis had shown up the shortcomings in asset managers' and pension funds' risk analysis. Edhec says it wants to build consensus in the investment industry of risk and performance measurement.