But the cross-selling synergies remain theoretical. Richard Broadbent tried to shake Schroders out of its slumber. His ambition caused offence in the genteel firm, and he lost a power struggle with entrenched US managers. Now Schroders will struggle to retain staff and clients. In search of a renaissance Viennese markets have lost volume since the euro came in.
Domestic securities are unfashionable when investors can choose continent-wide.
One is electronic trading in warrants. Another is central and eastern Europe. Four top fund managers discuss the lessons of the first year in euro corporate debt. Some believe stronger emphasis on portfolio design is the way forward. They'd like investment banks to give more help on credit strategy, not simply tout individual bond issues.