DWS and Standard Life Aberdeen, two of Europe’s largest asset managers, have been singled out as being the most vulnerable to a severe and prolonged market rout, with analysts predicting both could suffer a more than 20% drop in profits.

According to an analyst research note by UBS, which examined earnings and revenues at listed asset managers in the event of a 20% full-year decline in global equity markets, operating profits at DWS would take the biggest hit — suffering a 31% decline.