Watson Wyatt Worldwide has narrowly beaten William M Mercer to become the best consultant in the UK, according to the annual Financial News poll of investment managers. But the big message from the latest survey - conducted slightly differently from last year - is that the dominance of big consultants is being eroded, as more small firms come to the fore.

The trend will be welcome news to Paul Myners, whose inquiry into the industry has demonstrated potentially unhealthy 70% client dominance by Watson, Mercer, Bacon & Woodrow and Hymans Robertson.