Lindsay Tomlinson, chairman of the UK's Investment Management Association, said in his speech outlining his plans for the organisation that the industry needs to be responsible stewards for the nation's assets.

At the IMA's annual conference, Tomlinson said: "We have faced charges that institutional investors have not exercised ownership responsibility properly to prevent corporate excesses and failures, and we have experienced a steady stream of, I guess, mildly advese press comment - though to be fair, I know of no industry or profession that doesn't feel singled out for especially harsh criticism by the press."