Charles Heenan, co-founder of value manager Kennox Asset Management, is fully aware that running a boutique is not a soft option. Five years after quitting First State Investments to set up his investment firm, he is as keen as ever to preserve his independence.

He said: "But you need a degree of stubbornness to run a boutique. You need to be particularly patient when waiting for client cheques to come in: it can often be months after you meet potential investors.