Making space, the theme of the Royal Academy’s summer exhibition starting this week in London, has come to have a special meaning for the exhibition’s sponsor, Insight Investment. The UK’s third-largest manager of pension scheme assets has developed a fear of either being swallowed by its new parent – its owner, HBOS, was taken over by rival bank Lloyds TSB last year – or merged with the highest bidder if it is sold off.

Deutsche Bank has been appointed to approach potential bidders for the business, which had assets under management of £117bn (€134bn) at the end of March, despite Lloyds maintaining that a merger between its two investment management arms is under consideration. One principal at an international investment consultant said: "Insight is the one, as a prospective buyer, you want to get your hands on."