It looks like being a long, hot summer of industrial action across Europe. Air traffic controllers, railway workers and doctors are downing tools. Fund managers are also rebelling over initial public offerings and have become increasingly militant. They have even begun to disrupt normal working conditions forcing companies to scale back floats, reduce pricings or cancel altogether.

Fund managers claim their conditions are unsatisfactory with little free cash to invest and an uncertain economic outlook. They are lashing out at the greed of private equity sellers and demanding lower prices. And like other industrial workers in Europe, they are complaining that the deals they are offered are not what they want.