Deutsche Asset Management sent a shockwave around the fund management and private equity industries last week when it increased its stake in the UK's Fitness First to more than 10%.

The move prevents Cinven, which has become the health club chain's new owner after a £204m (2286m) buy-out, mopping up shares owned by Deutsche Asset Management and other minority shareholders with a compulsory purchase order. Such orders require a 90% shareholding. It also sets up Deutsche for a potentially long wait as a minority shareholder in an unlisted stock.