Legal & General Investment Management, a UK fund manager that specialises in low-risk investments for pension schemes, said it took in £5bn less net new money from clients in the first half than it did in the same period a year ago, as "natural outflows" overtook inflows.

However, the firm, which is the funds division of the insurer Legal & General, said its profit was up 19% to £117m during the first half, as its business tilted towards the de-risking work it does for pension funds and away from index investing. The former, known as "liability-driven investment", tends to earn higher fees.