The financial crisis has brought home to small asset management firms just how vulnerable they are and, correspondingly, has made the prospect of being bought by a larger outfit much more attractive. Nevertheless, many still feel reluctant to give up their autonomy. Those who think they can get the best of both worlds hope multi-boutique asset managers are the answer.

The promise of capital combined with continuing independence is bringing potential acquisition targets to the doors of the existing multi-boutiques such as US-listed Affiliated Managers Group and BNY Mellon.