Euan Munro, the chief executive of Aviva Investors, had a stark message for the fund management industry last night, warning that it risks being seen as a “privileged elite” and urging his peers to take up the challenge of proving its value to a sceptical public.

Addressing Financial News' annual Asset Management Awards at London's V&A, Munro, who in May was voted the industry's top innovator of the past 20 years, argued that regulators and politicians were following, not leading, a public mood set against high finance and the City - and fund managers were at risk of following bankers into their cross hairs.