If the top brass at HSBC haven’t heard of Eric Knight, they are in for a rude awakening. Knight Vinke Asset Management, his fund management firm, is on Friday expected to issue a public statement signalling its dissatisfaction with what it regards as the bank’s underperformance.

A statement by a single disgruntled minority shareholder – KVAM rarely takes stakes above 1 per cent – is not usually enough to frighten management. Yet, judging by the fund’s record of engaging with companies in the past three years, HSBC can expect an uncomfortable period of scrutiny from investors and pressure to reform its strategy and management structure.