As in the animal kingdom, the big beasts of the financial jungle can be really territorial. On the whole, different species of firm stick to their own patches. But, when resources are scant, they may start encroaching on each other’s habitats.

That is what appears to be happening - between the investment consultants who have traditionally advised and the fund managers who run the money - for pension schemes in the UK. Last week, BlackRock won a contract to advise and manage the pension fund for Cookson Group, a FTSE 250 materials science company, under a new all-in service that combines both traditionally separate services. This is known as "fiduciary management".