Asset managers went on sale with the recession, but the best boutiques are still demanding top dollar from buyers even though their assets under management have suffered from the market downturn.

An exclusive Institutional Investor survey conducted by investment bank Park Sutton Advisors in New York revealed that the prices paid for asset managers dropped in 2009 and early 2010 compared to pre-2008 levels. High quality asset managers, however — usually smaller specialist managers with good profitability, deep benches of investment professionals, good performance and broad client bases — seemed to be writing their own tickets when it came to doing deals. With Wall Street under the microscope for creating and selling dubious products, asset managers are increasingly seen as even more important players going forward as they have a...