This has led to further consolidation in manager rosters. A growing number of asset owners are decreasing the number of managers they use, with this figure now 39 per cent compared to 29 per cent last year.

“Because markets were so anaemic last year and money was not in motion, we saw this increase in desire [from asset managers] to create strategic partners with their largest and most important clients, discount more and offer a wider array of services,” Cloherty said.

“The allocators have consolidated their roster of managers they work with, and if you are on the winning side of that it’s a great consolidation play.”