This year has so far been dominated by two-high profile examples of the rule at play: Ben Whitmore’s forthcoming departure from Jupiter, and Mike Riddell’s more abrupt exit from Allianz.

Plus Peter Rutter has left Royal London to set up on his own and Peter Saacke has left Artemis to become a maths teacher (a career trajectory also being followed by Baillie Gifford's Torcail Stewart).

On this week's podcast Dave Baxter, David Thorpe and Joseph Wilkins have a chat about this spate of departures and the issue of what to do if a manager leaves more generally.

They also discuss the rush to small caps among some DFMs and where allocators go when they are feeling adventurous.

The Asset Allocator Podcast is a weekly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.

It is available on Spotify, Apple Podcasts, Google Podcasts, Acast and most other major podcast platforms.