Few financial groups have had a well-developed incubation programme. There have been a few ad-hoc investments into start-up asset managers, such as Old Mutual's into Cachalia Capital and Sanlam's into First Avenue, but little on a sustained basis. There is an element of incubation in the allocations to smaller managers by the Public Investment Corp, as well as by multi-manager 27four. But neither of these has invested permanent capital in these managers or provided formal logistical or distribution support. So when RMI Investment Services opened last year under former RMB Morgan Stanley boss Chris Meyer, it was the first mover.