Some of Europe’s largest asset managers have fired their latest warning against the proposed financial transaction tax, ahead of a crunch meeting of French and German officials today.

A letter sent by a group of 14 asset management firms and pension funds to ministers of finance in the 11 countries backing the tax, the Council of the European Union, the European Parliament and the European Commission, reiterates the view that the FTT will ultimately hit citizens' savings and the real economy.