David McCann, the analyst at Numis Securities who took Schroders to task last week over its performance reporting, has apologised for implying the fund manager was being misleading.

In his original note on Friday March 3, McCann said he felt Schroders' presentation of its figures had been "disingenuous". But in a subsequent statement, he retracted the word and said: "We regret the use of that word, there was no justification for its use."