A record £54.4bn of investor cash is sitting in funds that have failed to beat their benchmarks over the past three years, with Invesco Perpetual responsible for managing the highest number of worst-performers.

According to a ranking compiled by online investment platform Bestinvest, Invesco Perpetual manages £11.4bn of assets across 13 underperforming funds, making it the fifth time the asset manager has topped the biannual list.