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Numis, the brokerage that last week criticised Schroders, the UK fund house, for using “disingenuous” investment performance figures, has retracted the comment and issued an apology in a further twist to an unusual public dispute.

The broker last week objected to a Schroders press release that prominently stated 74 per cent of the company’s assets had outperformed their benchmark over three years, rising to 85 per cent over five years.

Numis initially said of the performance figures: “We critique what we felt was a disingenuous reporting of alpha.” In a new note issued on Tuesday, the brokerage said it regretted using the word “disingenuous”.

“There was no justification for its use and we fully retract it,” it said.

Read the full story from Madison Marriage and Cat Rutter Pooley at FTfm.

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