Perpetual’s head of equities Paul Skamvougeras proved there’s plenty of life in active funds management last week with his call for the board of Tabcorp to consider the demerger of its high-flying lotteries division.

Skamvougeras’ suggestion resonated with plenty in the market, particularly the investors who believed Tabcorp was picking up the lotteries business for a steal when it merged with Tatts Group, and the investment bankers who would love nothing more than a chance to scoop up the fat fees that would flow from buying, selling or demerging the division.