Schroders clearly works to the theory that slow and steady wins the race, having taken forever with its latest panel review. The review, launched at the beginning of the year, is yet to be completed.

Corporate general counsel Nick Evans said that, while the review is a gradual process, the in-house team is hoping for it to be done and dusted by the end of the year.

Schroders, which has 11 firms on its panel, is understood to have decided on the main advisers to feature on the awaited list and is simply thrashing out which further firms will be included to make up the complete list.

The review was interrupted by the departure of former head of legal for corporate Sandie Okoro, who left for Baring Asset Management in February this year.

Evans added that the overhaul of its in-house legal department, which created two new teams within the legal function, stalled the completion of the review.

Fingers crossed that there’ll be no more bumps in the road.