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While as a keen history fan, Mr Jacob pointed out that the industry cannot always learn from the past, especially when it comes to the current recession.

He said: “We are in a credit crisis, and this has significantly impacted on the fixed income in a way we have never seen. The impact to the banks created enormous liquidity problems in fixed income. The economic outlook created a great deal of uncertainty and changed the nature of buyers in fixed income market dramatically.”

But with an open optimism, he said the absolute number one priority is to deliver performance to the clients in all asset classes, while providing good communication with clients to be able to move them to a position of comfort.

Mr Jacob said: “With the increase in assets at New Star, I am enthusiastic about what the future holds. The biggest lesson learned is that diversified assets management businesses are a better way to go than a single strand boutique.”

His analysis extended to: “As an asset management business, the industry is definitely vulnerable to where the equity market goes, and you have to be able to manage your costs against revenue that is being hit by the equity market, regardless of the success of your own proposition.

“Strong management teams in diversified businesses are the ones who will win in this environment. There will always be boutiques, but the bigger players will be able to take advantage of opportunities and movement in that direction.”

Girlie Garduce is a former senior features writer of Financial Adviser

CV David Jacob

2006-present: CIO of listed assets and head of fixed income, Henderson

2005: Head of fixed income, Henderson

2001-2005: Head of fixed income for Europe and the UK, UBS Global Asset Management

1996-2001: Managing director, head of fixed income, EMEA Merrill Lynch Investment Managers.

1986-1996: Various roles, JP Morgan Asset Management