Sir Robert Smith is fighting a furious rearguard action to maintain the integrity of Deutsche Asset Management (DeAM), which is set to be combined with Dresdner RCM.

His lobbying follows Deutsche's decision to buy Prudential's £12bn (E19bn) UK equity and balanced segregated business. Deutsche will now close its search for more UK balanced work but consultants are horrified that Deutsche has pushed ahead with the deal, in current circumstances.