Having already taken action on banks and insurers, the Financial Stability Board (FSB) and the International Organisation of Securities Commissions (IOSCO) said it is now looking to compile a list of asset managers whose distress or failure could cause a Lehman-style event.

Known as ‘systemically important financial institutions’ (SIFIs), the FSB said in the paper the institutions, because of their size, complexity and systemic interconnectedness, would cause significant disruption to the wider financial system and economic activity if they were to fail in a disorderly manner.

The FSB and IOSCO – which have overseen regulatory policy since the collapse of Lehman Brothers in 2008, have already drawn up a list of banks and insurers that are considered a risk to the financial system, and are now asking for feedback.

The list has signalled asset managers with more than $100bn under management would be considered SIFIs.

Mark Carney (pictured), chairman of the FSB, said: “Today’s proposals are an essential first step towards addressing the risks to global financial stability and economic stability posed by the disorderly failure of financial institutions other than banks and insurers. They are integral to solving the problem of financial institutions that are too big to fail.”