Three years ago, virtually to the day, Alain Grisay sealed his fate as chief executive of F&C Asset Management when he announced a loss after tax of £19.5 million in the half year to June, plus a 50% dividend cut.

Edward Bramson had mixed feelings. His Sherborne Investors vehicle had disclosed an 11% stake in F&C two weeks earlier. After seeing an initial 22% rise in the value of its holding, he saw it fall back 7% following the results.