At no stage in my 30 years in the investment management industry has there been such a frightening accumulation of challenges to the traditional business of active management.

The crunch for institutional managers comes mainly from the implications of the incomplete legal process of Unilever vs Merrill Lynch. Thousands of transcript pages at £1,000 a time are being pored over by lawyers who act for investment managers, pension consultants and final salary scheme sponsors. Pension plan trustees have been put on edge as they await the results.