Baillie Gifford, the Edinburgh-headquartered investment group, has suffered some of the worst fund outflows in Europe this year, despite saying in January that 2024 could mark a turnaround in fortunes.

According to data from Morningstar, the asset manager’s UK-domiciled funds posted outflows of £4.1bn during the first five months of the year, making it the worst-selling fund management group in the UK.