When research house Numis Securities backed down after its public spat with asset management giant Schroders earlier this year, it looked like round-one to the heavyweight fund manager.

But the analyst at the centre of the row, David McCann, said he'd only picked out sector-leader Schroders as a way to highlight a larger issue. Today, with an in-depth report into performance reporting at 20 leading firms, he highlighted and double-underlined it.