"The fact is that there are only seven html or eight good fund managers that are not avril 2004 fr html owned by someone, and html html the number is avril2004 diminishing," journal says Iain Watt.. At present, it is the high prices that stand journal in the way of a journal rush of mergers and acquisitions. They occupy fr the strategic high ground avril in a files growth business, and have unrivalled experience in international equity investment.For many continental files banks, which have traditionally files journal avril2004 journal operated in a bond culture, acquiring this expertise is worth a lot At avril2004 least Commerzbank felt that way. The wish of Mercury Asset Manangement to find a stronger partner than SG Warburg avril is an open secret; Schroders could well files be fr in a similar position.But even as they offer themselves, fr fund management businesses 2004 are aware avril2004 of their attractiveness. For the dissatisfaction, journal and the need to gain big financial backing, 2004 extends to the summit of UK asset management. avril Dugald Eadie, journal a Glaswegian actuary who was avril 2004 fr html poached from journal WM Company in December, promises sweeping changes as chief executive.But 2004 the list does not files journal avril2004 journal end there.

Henderson typifies the problems of breaking out of the middle. The London-based group sought to rectify this yesterday by shedding its blue blood image with the appointment of a new chief executive and four other "young Turks'" to the board. Newton Fund Managers joined up with the Royal Bank of Scotland.Few middle-sized managers have broken into the major league. Gartmore, under its chief executive, Paul Myners, did so only after a long haul.There are, however, countless others still inhabiting that uncomfortable ground, earning good profits but acutely aware of the pressures and the difficult choices that need to be made. These pressures proved irresistable for Jupiter Tyndall, just as they did last year for another highly successful fund management firm started by a brilliant individual - Stewart Newton - who found the problems too much to handle alone. For a middle-ranking firm, it is difficult to find the resources to build this sort of capacity," says Mr Duffield. "I realised we needed a big, resourceful partner behind us, with international connections."The difficulties have been compounded by the Barings disaster, which has focused the minds of pension funds and big investors on the risks of dealing with players that do not have a financial fortress behind them.

"They walk in the door and expect to see huge quantities of people running around, teams covering all areas of the business. New money tends to go to the big funds, those with international coverage and global outlets."Pension fund trustees, the actuaries and advisers who run the pension fund business, are becoming more demanding. That is how John Duffield, chief executive of Jupiter Tyndall, began a decade ago. But success brings its own problems, because if you decide not to remain a niche player, the middle ground for fund managers has become increasingly uncomfortable. The business in Britain is dominated by a few big players: Gartmore, Mercury Asset Management, PDFM and Schroders together manage an estimated 40 per cent of all pension funds, where the real money lies.Nigel O'Sullivan of the actuaries Bacon and Woodrow says: "Critical mass has become all-important. A lot of the investment banks are keen to win a slice of the action, while the demands placed on fund managers in an increasingly global and competitive enviroment are forcing changes.Fund management is the ideal business for the brilliant individual, starting out with a few million pounds from family and friends, a book-keeper and a part time secretary.