Cheap money manufactured by the central banks has saved the global economy. Or so we fervently pray. But safety will always come first among investors shell-shocked by the credit crisis. Investment-grade bonds, shares in blue chips and prime real estate are in demand but entrepreneurs are struggling to raise finance.

Asset managers are true to the trend. According to a new report by Boston Consulting Group, 65% of net inflows in the US last year were generated by its 10 largest managers. In Europe, the top 10 scooped 37% of the total. Most boutiques have lagged.