Traditional houses have invested time and money in developing their research arms and forming relationships with hedge funds.

Aegis, the media buyer, said that it expected to outgrow the overall advertising market this year, helped by a strong performance from its market research arm.

The company, the MoD's former research arm, reported first-half profits down 10 per cent at 72.6 million and said it was emphasising sales to private clients, such as oil and gas majors, as defence budgets contract around the world.

It raises the prospect of the research arm falling into the hands of creditors if the business, which burnt through €1 billion of cash in nine months this year, continues to falter.