This has been a dismal year to be in the fund management business. The stock market has been falling for three years, and even if it has stabilised recently, it shows little sign of sustained recovery. Flows of money into the market are dwindling. And all around you, people are losing their jobs.
In London, Amvescap, Europe's largest publicly traded money manager, has been cutting staff. It fired 18 fund managers in May and has reported two consecutive quarters of losses.
In Scotland, Edinburgh F