Russell Investments is trimming 2% of its global operations team, in a move that follows BlackRock’s decision to eliminate 3% of its workforce and confirms a pattern of hiring freezes, internal promotions and staff cuts across the asset management sector.

A senior recruitment adviser said: "The first quarter has been one of the worst for flows since the credit crisis. Brexit adds to uncertainty. Recruitment decisions have been put on hold until the third quarter. Internal candidates are being promoted or asked to provide cover."