American fund managers are circling the UK and eurozone ready to pick off fund managers put up for sale as a result of the European sovereign debt crisis.

Industry experts say the US managers are waiting to assess the impact of the final bailout agreement, currently scheduled for Wednesday, to identify which European banks might be forced into fire sales. Steve Meyer, head of SEI's investment manager services division, told Financial News: "It cannot go unnoticed that some European competitors have had difficulties which might make them attractive acquisitions."