Rob Adams found himself, of all places, at Credit Suisse on Monday morning. Just hours after the investment bank was forced by Swiss regulators to submit to a takeover by long-time rival UBS, it hosted an investor call with the Perpetual chief executive.

Adams spent the best part of 2022 pursuing Perpetual’s rival Pendal, and while that process had its twists and turns, the circumstances of Perpetual-Pendal were far more dramatic than UBS-Credit Suisse in their own parochial ways.