Multi-asset managers are raising cash levels and adding to government bonds as fears over the US economy spook investors.
Aviva and Aberdeen Asset Management sat atop the FTSE 100 leaderboard on Thursday morning but the wider market remained subdued.
Aberdeen Asset Management is said to be in talks to buy Scottish Widows Investment Partnership (SWIP).
The prospect of today's tapering announcement from the US Federal Reserve kept action in the FTSE 100 to a minimum in morning trading.
The Financial Conduct Authority (FCA) has fined Aberdeen £7.2m for failing to protect client money in relation to money market deposits.
Multi-asset managers have revealed their strategies as tensions mount in Syria and policy issues resurface in the US.
Managers at Odey and M&G have taken opposing views on the fortunes of Aberdeen Asset Management as the impact of the emerging market sell-off polarises opinions.