This year is bringing new challenges for the fund management sector. Systemic risk is on regulators’ agenda and regulatory agency the European Securities and Markets Authority seems determined to treat the industry just like banks and insurers.

Although it comes just two years after the last attack on managers by regulators, this time there seems to be renewed vigour. Fund managers must make their case all over again. Blaming the sector for market behaviour and end-investor decisions could have unintended consequences.