Equity mutual funds in Europe recorded their biggest outflows since 2008 last year, according to analysts Morningstar, thanks to abrupt shifts in markets driven by fears about global economic growth, Brexit and the election of Donald Trump.

Investors pulled a net €76.1 billion from equity mutual funds during 2016, Morningstar said in a report published on January 30 - with most of that coming out of actively-managed large-cap funds. A small net inflow into equity index funds, of €1.3 billion, wasn't enough to offset the trend.