Woe has been widespread for the respondents to FTfm’s annual pension survey. A drop of more than 25 per cent in assets managed for UK pension funds was needed to stand out from the crowd, while just four companies managed to grow their assets.

The order of the top three, Legal & General Investment Management, Barclays Global Investors and Insight Investment Management, is unchanged, but the gap between the two exponents of passive investment and Insight has narrowed significantly.