The focus on the eurozone troubles has done much to distract from other issues that could have a profound effect on markets and the asset management industry. While it ranked sixth out of 11 macro themes that could negatively impact the industry in the Financial News CEO Snapshot Survey, the potential for a hard landing in China may be forced up fund managers’ agendas. The World Bank last month cut the country’s growth forecast to 8.2%.

Mark Tyndall, founding partner and fund manager at Artemis, believes the question is whether China can make the transition from an export-led economy to a consumption-led one. At the moment, he is "apprehensive but not scared" about developments there. He added: "I'm sure we would be more concerned if the eurozone wasn't a problem to focus on."