The chief executive of Lazard’s London business faced fresh scrutiny today, after it emerged that the bank's asset management arm was one of 16 institutional investors given priority access to the shares in the Royal Mail IPO – stock it sold within the first week for an £8 million return.

William Rucker said that Lazard's advisory business, which was the government's exclusive independent corporate financial adviser on the October flotation, played no part whatsoever in any discussion about share allocations.