Schroders has been toppled from the top of a coveted annual ranking of UK fund management brands, with Edinburgh-headquartered Baillie Gifford claiming the crown for the first time.

Schroders, the UK’s largest listed asset manager with £574bn, had been the top fund management brand among fund selectors for the past three years. But strong investment performance from Baillie Gifford helped the £326bn Scottish group edge past its larger rival.