Russell, the multi-manager specialist, is pitching to take over the European asset management operations run by bulge-bracket banks and pension funds.

Frédéric Jolly, European chief executive says: "The bear market has handed us a great opportunity, as firms seek to make economies. Our funds are capable of going up like a rocket." "I am confident that we shall be able to tie up a deal with a bank before too long, although negotiations with pension funds may take a little longer."