UBS, Société Générale and Lloyds Banking Group could be the next in line to dispose of their asset management arms as banks face up to a tougher regulatory landscape, a report has found. This is in spite of a recent trend where top investment banking roles have been filled by asset management specialists.

In a report, titled Responding to re-regulation, analysts at investment bank Keefe, Bruyette & Woods said: "A wave of regulatory reform facing European banks in the coming years poses a range of strategic questions on how best to navigate the changing environment."