On paper it appears the optimal asset management business model. The alignment benefits of an employee owned boutique combined with the corporate infrastructure of a large institution. For the best part of a decade it was the model of choice for both institutional and retail investors.

The more recent evidence however suggests that this model is facing significant challenges. Growth has slowed, the number of boutiques trying to sever links with their corporate partner is rising and the high quality start-up count has significantly declined. Our research looks at the drivers of these changing market conditions and provides insights on the successful business model of the future.