Fund management giants Pimco and Amundi were the biggest losers in Europe for fund outflows during the first three months of the year, as the onset of the Covid-19 pandemic prompted investors to pull more than €80bn from fixed income products in the region.

Provisional data from Morningstar, which looks at open-ended funds in Europe including ETFs, show US bond giant Pimco haemorrhaged a net €17.8bn between January and the end of March, with €13.6bn alone yanked from its flagship GIS Income bond fund — Europe’s largest investment fund with almost €52bn in assets under management.