Edinburgh Fund Managers is furious about what it sees as the turncoat role played by Intelli Corporate Finance in advising potential bidder Hermes.

Last week, Hermes, the fund management arm of the BT Pension Fund, advanced what EFM chief executive Iain Watt has dismissed as a 'derisory and highly conditional' bid approach. Shares in EFM, long seen as a bid target for Alastair Ross Goobey, Hermes chief executive, soared 40p to 521p, valuing the company at over £150m (€240m). They have risen nearly 50% in six weeks.