Financial News surveyed senior buyside executives about their risk appetite for M&A compared to 12 months ago.

Mike Karpik State Street Global Advisors The challenges of large-scale acquisitions have definitely gone up, given the regulatory landscape and the general uncertainty. I think all European bank-owned asset managers - bar two - have tried to sell their asset management business in the last few years and, unless I am mistaken, most have not managed to sell. Given how difficult it is to integrate these businesses as well as the clouded regulatory environment, I think the appetite for large M&A is pretty cold right now. As the industry begins to focus on client needs in the market environment, there is more likely to be a market for building up capabilities with deliberate and targeted acquisitions.