It’s tough out there for fund managers – and they’re bracing for it to get worse.

When you see First Sentier shutting what was once the best fixed income strategy and team in the country, Perpetual hit with $5.2 billion outflows in a quarter and Macquarie’s equities desk trading a $1 billion-plus growth equities transition portfolio all at about the same time, you can be sure there is blood on the streets.