The UK's fund management industry, which is the largest in Europe, continued to suffer client outflows as well as falling markets during October, according to the latest sales statistics from the Investment Management Association. Total assets under management fell 11% to £339bn (€405bn) after the fifth consecutive month of net outflows.

Withdrawals from institutional clients dwarfed those from retail investors, continuing a trend in place since the summer. Since June, institutional investors - including discretionary wealth managers as well as pension funds - have pulled a net £5.9bn from UK-domiciled funds, while retail clients have only taken out a net £909m.