The performance of Scottish Widows much-advertised European retail fund has taken a dive following the departure of star manager Albert Morillo for Black Rock last December.

In the three months to the beginning of this month, according to Standard & Poor's Micropal, the fund ranked 103rd out of a field of 105, after showing returns of 0.8%, against a mean of 7.0%. In the six months to May, it ranked 58th out of 104, with performance of 22.9%, against 28.0%.