Baring Asset Management has made its first annual loss in 12 years as continued outflows from its multi-asset products hit both funds under management and fee revenues.

The asset manager, whose leading multi-asset team defected to Pictet in August 2014, reported a £4.5 million post-tax loss in its accounts for the 2015 calendar year, which were posted at Companies House on March 23. In 2014, it had made a £40.8 million profit.