In 1995, I was chief executive of the investment management group John Govett when it was sold to Allied Irish Banks. AIB was in excellent company in buying an asset management business, inspired by the blue bloods of the consulting profession such as BCG and McKinsey. A booming asset manager was a “must have” for dynamic bank boards in Europe, and insurers too joined the buying spree.

As with fashions in banking, the decline of enthusiasm gathered pace over a number of years. European banks gradually retreated, and took a more cautious approach, buying to acquire capabilities.