The Financial Post reports in its Thursday edition that an aggressive campaign of interest rate increases by central banks over almost two years has left asset managers locked in a battle for client inflows against cash deposits and low-cost, low-risk money market funds. A Financial Post of London item inside the FP says that savings rates above 5 per cent present a major challenge for fund managers. "We're in a different environment now and many of the assumptions of the last 15 years are being thrown out," Peter Harrison, who heads asset manager Schroders PLC, said. "Cash and short-term fixed income are more attractive, structured products are coming back and income products are more valuable." Many asset managers without a large money market business are still hoping central banks will win their battle with inflation. That would leave them able to cut borrowing costs next year. Some in the industry believe this scenario could finally drive client flows back into riskier assets. "To the extent that you get a little bit more clarity on a soft landing and you get some stability from a geopolitical perspective, there's a ton of money on the sidelines that will be ready to go risk-on," said Meena Flynn at Goldman Sachs.