A host of leading European investment banks, including UBS and Troika Dialog, have been left disappointed after Russia revealed the long-awaited list of advisers for its planned $60bn privatisation programme.

The Russian government yesterday named 10 institutions on a list of advisers for its planned round of asset sales. Last week, Russia's first deputy prime minister Igor Shuvalov increased the size of the programme, adding some new names to the list of companies in which the state intends to sell a stake.