The chief executive of Aviva Investors has warned asset managers to be alert for more extreme bouts of market volatility, with brief periods of turbulence such as those experienced in the wake of the Italian crisis and the G7 summit likely to intensify.

Speaking at the FundForum conference in Berlin on Tuesday, Euan Munro told delegates that rising interest rates in the US and central banks easing off quantitative easing programmes would likely lead to more intense periods of turbulence.