The sale of Schroders' investment banking business to Citi-group has inevitably prompted plenty of hand wringing in the City of London.

For the declining minority who still remember the days of the British accepting houses - the hallowed group of merchant banks whose credit was considered undoubted because the Bank of England stood behind them - it may be a sad moment. Schroders, which once belonged to that select band, was the last remaining quoted UK investment bank that could compete seriously for the big M&A deals against the bulge-bracket firms.