City Diary: Government's hedge fund adviser profits from the rise and fall of RBS As readers will recall, these share dealings made ABN's CEO, Rijkman Groenink, so alarmed that he asked RBS for confirmation it was not in league with the funds circling his bank. But Serra and Hohn remain close. Owing to the 22pc stake that Hohn maintains in Serra's fund, the pair still share office space in Mayfair. Still on Davide Serra, the hedge fund founder may have slipped up by revealing his RBS dossier to the eyes of the world's media, but his feet are on the ground when it comes to transport. Despite a comfortable income from the $1.2bn (£772m) of assets under management at his Algebris fund, Serra has no call for a private jet. My moles in Luton Airport report that Serra flew out to Geneva for his family skiing holiday in February on no-frills Easyjet. Taxpayers rejoice. All change for water giant's advisers Footsie advisor Tulchan recently surrendered the M&S comms brief to rival RLM Finsbury. Might it lose the business of Britain's largest listed water company, United Utilities, too? If it does, the move will be in no way a reflection of dissatisfaction with Tulchan's efforts. According to Tulchan founder Andrew Grant, the FTSE 100 water company has put its entire roster of advisers, from auditors to bankers, lawyers and brokers, up for repitch as part of its "good governance" efforts under CEO Steve Mogford. In the interests of Tulchan, which is naturally keen to retain the lucrative contract, Diary stresses the agency was not the source of the leak. Think twice before polishing off that bottle of Romanée Conti burgundy gathering dust in the cellar. The growing trend for collateralised lending is turning fine wine into a valuable alternative source of fundraising. Take Andrew Cader, an executive at Goldman Sachs" US private bank, whose loan from the bank was last month amended to include 15,000 bottles of fine French wine. An unusually liquid set of assets, some might say. Daniel hits the £1m jacuzzi jackpot Daniel Thomas's dream of importing hot tubs from China and selling them on the internet has paid off. This year, sales at his online jacuzzi venture will hit £1m, thanks to customers such as singer Sophie Ellis-Bextor - and, as a bonus, Thomas's mum has stopped nagging him about not going to university. "Her grumbles became less and less as time went on," says Thomas, 25. Possibly around the time Mrs Thomas, a chartered accountant, noticed her entrepreneurial son was bringing in £300k a year by the age of 20. Paddy Power is getting a head start as Royal Ascot gallops round the bend. The bookmaker, no stranger to colourful stunts, is taking bets on the hue of HM The Queen's hat when she hits the Royal Enclosure next week. This year's joint favourites for the monarch's Ladies Day headwear, priced at 5/1, are majestic purple, in keeping with the 60th anniversary of the Queen's coronation, or light blue, which last year cost the tipsters "a royal fortune." Can the Palace milliners make the bookies pay out two years on the trot?