The large managers have for some time now been unanimously confident with their business environment. Their smaller peers' confidence subsided in the fourth quarter of 2005 from 100 index points at the end of the third quarter. They are now back up to 98 index points.

It seems to be a good sign (for investors) if managers have confidence in their own abilities, ... You could do a lot worse than some of those funds.

Business managers don't want to come here because you have a former business manager on the board,

Managers at headquarters now have an up-to-the-minute picture of how every part of the retail business is performing, which has aided accountability and helped shape strategy.

A year ago, average management fees were falling, but this turned around in 2005 with average management fees rising fairly strongly. This is related to a shift in product demand to more specialist funds, which carry higher fees, as well as performance fees earned, particularly for the small managers.

They are now back up to 98 index points.