Multi-asset funds have become highly popular with institutional investors in the past few years, as they seek to make money from short- and even medium-term calls between different kinds of assets.

We came close to including an investment consulting firm in the shortlist this year. Ultimately we did not, on two grounds: this firm said its asset allocation service was not offered as a standalone product, and multi-asset managers said they did not come across this firm in competitive tendering situations. Our feeling, however, is that it may only be a question of time before a firm that has normally been thought of as an investment consultant appears as a nominee in this category.