While most asset managers agree that the industry is heading for consolidation, very few are actively looking at mergers and acquisition. The uncertain financial environment is reflected in the Financial News Snapshot Survey: only 2.8% said they were pursuing a strategy of growth by acquisition.

The majority of fund managers, however, did not dismiss the idea out of hand: 35% said they were open to acquisitions while 27% said they were interested in acquisition opportunities. Nearly 20% of chief executives who participated in the survey said they were less risk averse to M&A than they were a year ago, while 76% said their risk appetite had not changed.