There has rarely been a greater need for fund managers to work together to gain traction in engaging with companies they invest in.

Institutional investors, which hold large stakes in companies on behalf of pension scheme members, have been criticised for not holding banks and other financial companies to account before the crisis. In his corporate governance review Sir David Walker recommends fund managers engage with companies on a collaborative basis “as a responsible and appropriate means of discharging their obligations to their clients and an alternative to selling stock”.