Neuberger Berman is not alone in its angst. Turmoil in markets has shown how geared asset management revenues are to financial markets and that in downturns profits are not nearly as resilient as many bankers hope.

Watson Wyatt says asset managers “are starting 2009 with revenue ‘run rates’ perhaps 30 to 50 per cent below the start of 2008 levels. If markets are flat, then asset manager earnings in 2009 will be much lower than in 2008.”