By Elliot Gulliver-Needham As data for the end of the year has trickled out over the last month, it has become clear that 2023 was a poor year for mid-sized asset managers, after they suffered an already bruising 2022. The idea of the ‘squeezed middle’ has been a pervasive business cliche for some time, but it seems to be coming true for UK asset managers. In 2018, consultancy firm Accenture produced a report that found that while asset management should be a “scale game”, in practice, “even the biggest asset managers create the same economic profit margin as some of their mid-sized peers”. Th…