Bob Jain, the one-time proprietary trader who now heads Credit Suisse Asset Management, has a pitch for his former colleagues: “The world doesn’t desperately need another hedge fund.”

For the past three years Jain has been making a pitch to staff in Credit Suisse's banking division who are thinking of starting their own hedge funds: jump the fence to Credit Suisse's asset management unit instead and enjoy many of the advantages of running your own fund with all the advantages of being in a big bank.