Just 12 per cent of the more than $5,000bn (￡3,300bn, €3,900bn) of assets held by Asian institutions is available to external managers, underlining a key reason why western fund managers have struggled to break into a potentially lucrative market.

In contrast, 80 per cent of the $6,000bn of institutional assets in the US are allocated to external investors, with just 20 per cent managed in-house, while in continental Europe there is a near 50-50 split, according to research by Greenwich Associates, due to be released today.

And there are signs Asia may actually reduce even more the limited relationships with western managers it has thus far permitted. Some 30 per cent of Asian institutions say the performance of external managers during the financial crisis has prompted them to alter their long-term plans in favour of more internal management, compared to 3 per cent who plan to move in the opposite direction, according to Greenwich.