It is hard to believe that just over a year ago I was bemoaning the fact that Number 10 Downing Street was welcoming a stream of bankers through the door to resolve the problems that a stream of bankers had caused. Oddly, the people who might have had something to say about solutions, the asset managers who bring liquidity, were absent.

This seat at the table is important. So it is to be hoped that it will become permanent with the publication this week of the report of the Treasury-established Asset Management Working Group. I had the honour to serve as co-Chair with the Chancellor, and the group brought to bear the thoughts of some of the best brains in the asset management industry on how we might assure an even better future for investors in the UK and and Europe as a whole.